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12 Areas to Further Relax Foreign Investment Access

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Wang Wenwen, Vice Minister of Commerce, said that "in the field of opening-up, we should make a timetable roadmap." The secretary for foreign affairs, Zhang Jianguo and the director of the finance department of the ministry of finance, Wang Jianfan attended the meeting to introduce the notice concerning measures to promote foreign investment growth.

The notice clarifies the further liberalization of foreign access in 12 areas. In manufacturing, for instance, relax foreign access to exclusive cars and new energy vehicles and adopt the same measures in ship design, regional general aircraft maintenance, business site of Internet access services in the service sector. How to open 12 areas? Will it be open in the free trade area or in some areas? The relevant departments will ensure that the policy actually lands in accordance with the requirements of the notice issued.

The free trade zone undertakes the first test of our country's opening up. Starting from 2013 Shanghai free trade zone, the restriction measures from 190 items to 139 items and 122 items in the negative list of the free trade pilot zone are now only 95. "Measures that have been piloted in the free trade area have been piloted and we hope to be able to open up in the country." "The king said.

The notice proposed to improve the foreign talent introduction system. Zhang Jianguo said that in the first half of this year, China implemented a work permit system for foreigners to come to China, and now it has been able to digitize the relevant documents of foreigners before entering the country, and no longer send paper documents. Application materials have been cut by half and the approval time has been greatly reduced.

In the second half of 2017, the rules for the implementation of foreign talent visa should be formulated. Bureau in conjunction with the Ministry of foreign affairs, Ministry of public security and other departments are developing talent visa rules. In the process of making the implementation details of talent visa, three aspects are mainly considered: first, to improve the evaluation standards of foreign talents, and to expand the scope of talent visa. After the implementation of the relevant rules for the implementation of the talent visa, more than 50,000 foreign personnel will benefit from the implementation. The second is to relax the validity period of the talent visa, and establish a mechanism for the linking mechanism of the visa and work permit, work residence and permanent residence. The implementation details of the personnel visa will be issued from five to 10 years for foreign talents who meet the criteria of foreign talent administration. Third, optimize service management and open up "green channel".

Wang said the notice's tax policy is accurate. Foreign investors invest in China, and according to the Chinese tax law, the profits from the distribution of enterprises are subject to a 10% withholding tax. Even if the company keeps the profit in China, it is also necessary to withhold the withholding tax. In the next step, if the distribution of profits remains in China and the investment is kept, the withholding tax may be exempted for the time being.

At the same time, the preferential policy of 15% tax rate on technology advance service enterprise income tax is expanded to the whole country by 31 demonstration cities.
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