Pudong unveils new measures to attract foreign investment

Shanghai's Pudong New Area, which is positioned to pioneer China's socialist modernization, released a set of 14 new measures on Tuesday to step up its efforts to attract foreign investment, which is conducive to the advancement of more reform and opening-up attempts.

The new measures are introduced to improve the quality and efficiency of using foreign capital. Pudong will accelerate its pace in introducing foreign companies specializing in advanced manufacturing and modern services. The area should grow into an innovation highland featuring international industry leaders and multinational companies' regional headquarters.

Another major goal is to further optimize the foreign investment environment, according to the newly released measures. Efforts will be made to guarantee the national treatment of foreign-invested enterprises and improve the protection of their rights and interests. Comprehensive services provided to these companies will be further optimized to improve the sense of gain and belonging.

The level of legalization and facilitation for the capital operation and investment will be further improved. Foreigners' life in Pudong will be more convenient, as the local government is projected to optimize the foreign-related policies, make foreign trade more convenient and facilitate the safe cross-border data flow.

Domestic and foreign investment promotion activities will be actively conducted, according to the new measures. Foreign investment promotion channels will be further expanded to attract more foreign companies to set up operations in Pudong.

Scheduled to take effect on May 15, the new measures will be valid until the end of 2027.

Pudong's 14 new measures to attract more foreign investment

1. Step up efforts to attract investment in advanced manufacturing

- Implement the comprehensive abolition of restrictions on foreign investment access in the manufacturing sector

- Attract advanced manufacturing projects which are key to the industrial chain

- Support capital increase and expansion of foreign-invested manufacturing enterprises

- Promote factories' high-end, intelligent and green upgrading

- Provide incentives to designated projects.

2. Introduce more foreign investment in the modern service industry

- Attract the landing of more foreign-invested projects in value-added telecommunication, bonded maintenance, biotechnology and wholly foreign-owned hospitals

- Support foreign financial institutions to invest in the Chinese bond market and join the pilot QFLP program

- Encourage foreign-invested companies to take part in Pudong's urban renewal projects

3. Create an international highland for innovation

4. Accelerate the upgrading of companies and institutions' regional headquarters

- Provide support in terms of foreign exchange management, personnel entry and exit and cross-border data flow

5. Encourage foreign companies to expand investment

- Implement the deferred tax policy and relate incentives for foreign reinvestment

- Allow foreign-invested companies to use domestic loans to carry out equity investment

- Support foreign-invested companies to make strategic investment in A-share companies

6. Guarantee the national treatment of foreign-invested companies

- Ensure foreign-invested companies' participation in government procurement projects

- Encourage foreign-invested companies to participate in the formulation of domestic standards

7. Better protect foreign investors' rights and interests

- Build a platform for resolving foreign-related commercial disputes

- Establish a multi-mediation mechanism for foreign-related intellectual property disputes

- Build a business secret protection system

8. Optimize services to foreign-invested companies

9. Optimize policies regarding foreign investment

- Promote the promulgation and implementation of regulations over FT account and protection of business secrets

- Support qualified foreign-invested companies to conduct pilot businesses of cross-border hedging of bulk commodities

- Implement the exemption from stamp duty on offshore trade

- Encourage the return of multinational companies' offshore businesses

10. Explore a management mechanism for easy and safe cross-border data flow

- Set up cross-border data flow service centers among FTZ's bureaus

- Release the first negative lists for cross-border data flow in the sectors of shipping, retailing and finance

11. Improve the facilitation level for foreigners' life in Pudong

- Implement the pilot program of e-visas at all the ports in Pudong

- Directly review and issue confirmation letters for foreign high-end talents

12. Give full play to the work mechanism of foreign investment promotion

13. Actively conduct business soliciting activities in both domestic and overseas markets

14. Expand the promotion channels for foreign investment