Current location:Global Gazette news portal > politics
Nation to advance pilot FTZs' opening
Global Gazette news portal2024-05-21 07:59:22【politics】5People have gathered around
IntroductionAerial photo taken on May 26, 2021 shows the Yangpu international container port at Yangpu economic
Aerial photo taken on May 26, 2021 shows the Yangpu international container port at Yangpu economic development zone in South China's Hainan province. [Photo/Xinhua]
FTZs: Measures to vitalize domestic market
China will adopt a slew of policy measures to advance institutional opening-up of pilot free trade zones and free trade ports in accordance with high-level international standards, according to a notice issued by the State Council, the nation's Cabinet, on Thursday.
These steps will help foster a more enabling environment for both domestic and foreign businesses, broaden market access, promote trade facilitation and better catalyze foreign investment, in an effort to underpin the country's sound and sustainable economic development, experts said.
According to the notice, foreign financial institutions in the pilot free trade areas will be allowed to launch certain new financial services that their Chinese counterparts are permitted to launch.
Financial regulatory authorities should make decisions with regard to foreign financial institutions' applications for launch of such services within 120 days, can withhold permission based on prudent reasons and must notify applicants in a timely manner, the notice said.
Dong Zhongyun, chief economist at China AVIC Securities, said, "These measures will further scale up the country's trade in services, broaden the channels for foreign financial institutions and investors to participate and thus bring in more capital, technology and advanced experience."
By creating a level playing field for all market entities, the measures will bring more competition and inject greater vitality into the domestic market. Foreign financial institutions will provide higher-quality and more diverse financial services for Chinese consumers, which will help narrow the country's gap with developed economies, Dong said.
The notice stated that all authentic and compliant fee transfers related to foreign investment should be remitted without delay in the pilot areas. Such transfers include paid-in capital, profits, dividends, interest, capital gains, management fees, proceeds from the sale of investments and compensation or indemnification received pursuant to law.
For senior managers working for foreign enterprises who intend to set up branches or subsidiaries in the pilot areas, the validity of their temporary stay will be extended to two years, and their spouses and family members will be entitled to the same duration of stay, according to the notice.
Key industries in the pilot areas will be supported to import remanufactured products on a trial basis. Relevant departments and localities should strengthen supervision, management and inspection in relations to remanufactured products and strictly guard against the import of solid waste, the notice said.
Tariffs will be exempted from aircraft, ships and their components that complete temporary outbound repair and are reshipped into the pilot areas, it said, adding that tariffs will also be waived for goods that will be reshipped out of the country after finishing temporary repair within the pilot areas.
Xu Hongcai, deputy director of the China Association of Policy Sciences' economic policy committee, said the country's continued efforts to expand institutional opening-up in step with international rules will enhance the certainty, stability, transparency and predictability of its systems and standards for market entities.
It will lay a solid foundation to create a world-class and market-oriented business environment governed by a sound legal framework, anchor expectations of foreign businesses, and shore up their confidence to double down on investment and sustain long-term development in China, he said.
Address of this article:http://equatorialguinea.cassettedesign.com/content-23d099897.html
Very good!(4)
Related articles
- The government wants to buy their flood
- Times gone in a snap
- Xi, Uruguayan President Hold Talks, Elevate Ties to Comprehensive Strategic Partnership
- Xi to Attend BRICS Extraordinary Virtual Summit on Palestinian
- Messi in and Dybala out in Argentina squad for pre
- China's Tianjin port welcomes three int'l cruise ships within a week
- Ports across China to see 1.8 mln daily entries, exits during Spring Festival holiday
- Asia's manufacturing PMI rebounds to 50.4
- Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
- Ethnic harmonies
Popular articles
Recommended
Candice Swanepoel stuns in a form
Solving problems together
Chinese sci
Spring Festival holiday sees 474 million domestic tourist trips in China
Kosovo prepares a new draft law on renting prison cells to Denmark after the first proposal failed
Xi Focus: China's Leadership Holds Symposium for Soliciting Advice on Economic Work
Fighting to understand the concept of beauty
With record scale, China's consumer products expo shares opportunities, market with world
Links
- Xi Signs Presidential Order to Appoint Li Qiang as Premier
- US firms voice confidence in China at CIIE
- China Focus: China Issues No. 1 Central Document for 2023, Highlights Rural Vitalization Tasks
- COP28 sets eyes on AI to fight climate change
- Closure of Gaolan Port Bridge in Guangdong Huangmao Sea cross
- Rugao boosts local textile enterprises to enhance quality and increase production
- Africa seeks to make climate needs known on global stage
- New energy projects cater to Xizang's power needs
- China's National Legislature Holds 2nd Plenary Meeting of Annual Session
- China's National Legislature Holds 2nd Plenary Meeting of Annual Session