The Chinese government recently issued more measures to facilitate the delivery of major foreign-invested projects, lower tariffs on some imported goods and streamline customs clearance procedures at a faster pace.
- It was decided that an online filing process will be introduced in regulating foreign investment in China. Unified market access criteria will be applied to both Chinese and foreign investment in areas outside of the negative list. Large-scale foreign investments eligible for major project development schemes will receive support on land and sea-use approval procedures and accelerated environmental impact assessment and their logistics costs will be reduced.
- More areas will be open to foreign investment. The withholding tax deferral policy for reinvestment by foreign investors in China will be expanded from the designated encouraged projects to any areas and projects that are not prohibited.
- It is also required the intensified protection of intellectual property rights.
From November 1 2018, import tariffs for a total of 1,585 tax items will be slashed. The average tariff rate for highly demanded products in domestic markets such as machinery and industrial instruments will be cut from 12.2 percent to 8.8 percent, textile and construction materials from 11.5 percent to 8.4 percent, paper and some other resource-based products and primarily processed goods from 6.6 percent to 5.4 percent. Tax brackets will be consolidated for goods in the same or similar categories.
These measures are taken out by the Chinese government for the purpose of expanding opening-up and foster a fairer, more convenient and more enabling environment for foreign investment
If you have any question, please contact me.
Mr. Mike Chang
TEL: 0086-21-68868321 / FAX: 0086-21-68868021