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Guangdong Announces New Technical Transformation Investment Regulations

Guangdong has introduced a series of new requirements designed to enhance the investment autonomy of businesses, while regulating government department procedures with regard to all approvals and record-maintenance relating to technical transformation investment projects.

Under the terms of these new regulations, all technical transformation investment projects initiated by Guangdong-based industrial companies using self-generated funds (or a combination of such funds and investment subsidies) will be required either to secure prior approval or to maintain specified records depending on the exact nature of the project in question. The same stipulation also applies to projects funded by government discounted loans granted to eliminate backward production capacity and implement intensive development programmes.

Full details of these new regulations can be found in the Implementing Rules for the Administration of the Approval and Record-Filing of Technological Transformation Investment Projects of Enterprises (Trial Implementation) (Yue Gong Xin Gui Zi No. 3 [2019]) as issued by the Guangdong Department of Industry and Information Technology/

The regulations came into effect as of 1 September this year and will remain in force, on a trial basis, until 31 August 2021.

Source: Department of Industry and Information Technology of Guangdong Province

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