Guangdong to relax foreign investment restrictions
The government aims to gradually improve the opening up of manufacturing, service and financial sectors
Guangdong province has released ten new rules to further open up its economy to foreign investors, covering issues on foreign capital admission, land use and tax collection, the Southern Metropolitan Daily reported.
The government will gradually improve the opening up of manufacturing, service and financial sectors, the report added.
For example, some 30% of restricted areas which were previously limited to foreign investors will no longer have a cap on foreign share ownership, including special and new energy vehicles manufacturing, ship design, general aircraft maintenance as well as setting up foreign investment banks and securities companies.
Meanwhile, the government should offer rewards to foreign investors who park their money in real economy projects or set up their headquarters in Guangdong. The amount of the reward should be more than 2% of their investment, but less than 100 million yuan (US$15.11 million).
The policies will focus on introducing Top 500 global companies and supporting new high technology sectors and major manufacturing programs, said Liu Xiongwei, the director of the Trade and Industry Development Division at Guangdong Provincial Finance Bureau.