The China (Shanghai) Pilot Free Trade Zone was formally inaugurated on 29 September 2013. The inauguration was augmented by the promulgation of a number of decrees over that weekend. Below is a review of these developments and their significance.
The State Council published on 27 September 2013 the China (Shanghai) Pilot Free Trade Zone overall plan. The overall plan sets out general policy objectives for the next two or three years, including:
- transforming government functions (including those involved with verification and enforcement);
- further opening of service industries, in particular financial services;
- reforming foreign investment administration;
- developing a “headquarters economy” and new forms of trade;
- RMB convertibility on the capital account;
- creating a new model for customs supervision of goods;
- implementing a suitable tax policy; and
- creating a new support system for investment and these new policies.
Foreign investment administration
The basic requirements for setting up foreign-invested enterprises (FIEs), where their particular industry is not on the “negative list” (see below), and changing their corporate particulars, will closely approximate “pre-entry national treatment” – i.e. the same treatment as domestic enterprises. At the inauguration of the new zone, 25 enterprises in the zone, including FIEs, were granted business licences.
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Business Law Digest is compiled with the assistance of Baker & McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mail at: Zhang Danian (Shanghai) danian.zhang@bakermckenzie.com
