5 Oct 2018
10-Point Guangdong Plan Set to Woo Foreign Investors
Guangdong has announced 10 new policies designed to boost foreign direct investment in the province. Outlined in Several Policy Measures for Further Expanding Opening-Up and Actively Using Foreign Investment (Revised Version), a strategy document released on 13 September, the highlights are as follows:
- In a bid to further expand market access, the 2018 update to the Special Administrative Measures on Access to Foreign Investment (Negative List) will be fully implemented, allowing foreign investors to establish wholly-foreign-owned enterprises in a number of sectors, including the manufacture of special vehicles and new-energy vehicles, the design, manufacture and maintenance of ships and the design, manufacture and maintenance of mainline / regional aircraft and utility aircraft.
- As part of a bid to provide greater funding incentives for overseas investment projects, certain such projects are to be eligible for cash injections of up to RMB100 million in the run-up to 2022.
- As part of an on-going commitment to providing a wide range of land-use incentives to overseas financiers, foreign-invested enterprises in the manufacturing sector will be granted preferential land-use entitlements in accordance with the Several Policy Measures of Guangdong Province for Lowering the Cost of Manufacturing Enterprises and Supporting the Development of the Real Economy (Revised Version).
- In order to lend enhanced support to research and innovation initiatives, foreign-invested research institutes will be encouraged to participate in the establishment of public service R&D platforms, as well as government-mandated scientific and technological projects, with funding support available for all such endeavours.
- Offering a wider range of financial incentives to overseas investors.
- Offering greater incentives to properly-qualified personnel.
- Strengthening intellectual property protection.
- Raising the overall level of investment and trade facilitation, while fully implementing pre-establishment national treatment in combination with the mandated negative list approach.
- Optimising the business environment of the province’s key industrial parks and development zones.
- Improving the mechanism for maximising the effective use of foreign investment.
For further details (in Chinese), please visit the following links:
Circular of the Guangdong Provincial People’s Government on Issuing Several Policy Measures for Further Expanding Opening-Up and Actively Using Foreign Investment (Revised Edition) (Yue Fu No. 78 )