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Foshan issued “Ten Policies to Introduce Foreign Investment”

Updated:2019-7-12 10:57:41    Source:www.tannet-group.comViews:295

Recently, Foshan municipal government officially issued "Several Policies and Measures for Further Opening-up of Foshan City to Achieve High-quality Development by Utilizing Foreign Investment" (hereinafter referred to as "Ten Policies to Introduce Foreign Investment"), proposing ten policies, such as increasing the introduction of foreign capital, increasing financial support, and reinforcing land guarantee, to create a good business environment and fully attract foreign capital.
    
Foshan's "Ten Policies to Introduce Foreign Investment" proposed to strengthen the introduction of foreign capital, further relax market access, focus on orderly opening up of service industry and manufacturing industry, and significantly relaxing restrictions in the fields of finance, infrastructure, transportation, commerce and trade, manufacturing industry, agriculture and energy resources.
    
The implementation period of increasing financial support is from 2018 to 2022. It proposed to carry out major project support. For projects invested by the world's top 500 enterprises (based on the Fortune List) and global leading enterprises in Foshan with an annual actual foreign capital amount of more than USD 5 million, they will be rewarded with no less than 2% of the actual foreign capital amount in that year, with a maximum reward of RMB 20 million. It also proposed to increase support for new industrial projects. For newly established manufacturing projects (including but not limited to new generation of information technology, intelligent equipment, biomedicine, new energy and new materials) with an annual actual foreign capital of more than USD 5 million, they will be rewarded with no less than 2% of the actual foreign capital in that year, with a maximum reward of RMB 20 million. It will implement rewards for major financial contribution projects. With the headquarters or regional headquarters of foreign-funded multinational corporations that contribute more than RMB 100 million to the municipal finance yearly for the first time, the local government will be given a one-time reward, 20% of its contribution in that year by the municipal finance, with a maximum reward of RMB 30 million.
    
In terms of reinforcing land guarantee, the municipality and districts jointly give priority to the implementation of stock land use or land use planning indicators for foreign-invested projects in manufacturing industry with an actual investment amount of more than 1 billion yuan, and for self-built office property of global top 500 enterprises or headquarter/ regional headquarter of global leading enterprises; projects with high investment intensity, high yield tax per unit area, intensive land use and good prospect will be given priority to ensuring their land for increasing capital and expanding production and enjoying preferential land prices; the longest term of industrial land transfer is 50 years, and flexible land transfer and lease-transfer modes should be adopted for land supply.
    
In terms of enhancing the support for talents, for foreign high-end talents and their foreign spouses and children, Foshan will relax the qualifications for applying for visas, provide convenience for residence, and provide "one-card" service for foreign high-end talents. Hong Kong and Macao residents who are employed in Foshan enjoy citizen treatment in paying and withdrawing housing provident fund, individual housing loan of housing provident fund (self-occupation only) and other measures; each of the newly introduced science and technology innovation team will be given 2 to 20 million yuan of financial support.
    
The Ten Policies to Introduce Foreign Investment of Foshan also put forward some other measures, such as increasing financial support, improving investment facilitation level, enhancing trade facilitation level, raising tax facilitation level, upgrading scientific and technological innovation level, and optimizing the safeguard mechanism of utilizing foreign investment. Officials of Bureau of Commerce of Foshan City said that the policies were aimed at further relaxing market access, creating a good business environment, accelerating the cultivation of new advantages of opening-up and leading development, and actively and effectively utilizing foreign capital to promote the high-quality development of Foshan's economy. The policies will be implemented from the date of issuance and will be valid until December 31, 2022.

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