Shanghai Government recently issued Fu Fu Gui  No. 37 on 26 measures for further promoting the foreign investment in Shanghai. Shanghai Dongjin finds the below main points.
- Unless otherwise it is stipulated in the negative list, NO governmental departments are entitled to put any restriction on the access of foreign investment.
- The government will further strengthen opening-up in key areas such as telecommunications, insurance, securities, scientific research and technical services, education and health, and soften the restrictions on registered capital and method of investment.
- The government will encourage and support foreign investment in new generation information technology, intelligent manufacturing equipment, biomedical and high-performance medical devices, new energy and intelligent network automobile, aerospace, marine engineering equipment, high-end energy equipment, new materials, energy-saving and environmental protection and other strategic emerging industries, as well as R&D and design, general integrated contracting, inspection and certification services and supply chain management and e-commerce.
- To ease or cancel the admission conditions such as the proportion of foreign equity in financial institutions.
- To set up an online platform for foreign investment promotion services, relying on "Shanghai Enterprise Service Cloud", collecting, summarizing and publishing laws and regulations related to the foreign investment, policies and measures, industry trends, project information, etc.
- To support the WOFEs to expand financing channels by listing on the stock exchange for the main market, growth enterprise market, small and medium enterprise board, new over-the-counter market and issuing corporate bonds in accordance with laws and regulations.
- To regularly compile and publish various foreign investment guides and white papers.
- To facilitate the convenience on the work permits application for foreigners.
- Without the legal basis, the legitimate rights and interests of WOFEs shall not be impaired or their obligations increased, market access and exit conditions shall not be established and the normal production and business activities of WOFEs shall not be interfered with.
- Foreign investors' investment, earnings and other legitimate rights and interests shall be protected by the laws and regulations. Foreign investors' investment, profits, capital gains, income from disposal of assets, licensing fees for intellectual property rights, compensation obtained according to law, and income from liquidation can be freely remitted in and out in RMB or foreign exchange according to the laws and regulations.
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Mr. Mike Chang
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