These include, in certain areas, no administrative approval required for company registration, no restrictions in equity ratios and limited disclosure requirements.
The cornerstones are the reform of power structures and government transparency, with positive changes in policy coordination, information tracking and effect evaluation.
A case in point is the treatment of foreign investors as nationals in economic sectors that are not specifically restricted, said Liu Yajun, director of the department of foreign investment administration with the Ministry of Commerce.
To encourage and simplify foreign investment, an Internet-based registration system will be introduced for enterprises whose business portfolios do not fall in the restricted areas, Liu said.
That would effectively shorten the registration period from the current 29 days to a minimum of four days, Dai said.
A fast-track channel has also been established to lure financial institutions with strong profitability and risk-control capabilities to enter the zone, said Liao Min of the Shanghai branch of the China Banking Regulatory Commission.
He confirmed that banking regulators will adjust loan-to-deposit ratios and other regulatory requirements for banks operating in the area.
A series of customs clearance and supervision policies have been initiated to offer more complete, convenient and transparent foreign trade services, said Zhang Wansheng, director of the General Administration of Customs' processing trade and bonded system department.
For instance, companies can have their cargo transported into warehouses before they declare customs, said Zhang, adding that a unified information monitoring system will be set up to supervise entrants.
Source: China Daily
Time: 2013-09-30