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PRC State Council released new policies on foreign investment

17 April 2010 

On 6 April 2010, PRC State Council issued "Opinions on Further Improving Utilization of Foreign Investment", which include, inter alia, the following highlights:
- The existing Catalogue for the Guidance of Foreign Investment Industries shall be amended, and foreign investments in high-end manufacturing, high-tech, modern service, new energy, energy-saving and environmental protection industries are encouraged;
- If a foreign invested project is land-intensive and the industry of which falls within the encouraged category, the base price for land grant to that project may be lowered up to 70% of the National Minimum Industrial Land Grant Fee Pricing Standard;
- Foreign investors are encouraged to make investments in central and western regions, if the foreign investors are to move their invested enterprises from eastern region to central and western regions, government departments will give assistances and supports;
- Foreign investors are encouraged to make investments through M&A, to set up venture capital in China; utilization of private equity funds is encouraged; and the foreign exchange capital settlement procedures are to be simplified;
- Foreign investment enterprises that may satisfy the required conditions will be supported to launch IPO in China;
- If the registered capital of a foreign investment enterprise has not been injected on time due to temporary fund shortage, so long as it has carried on business lawfully, the period for capital contribution can be extended.
Although the State Council opinions expressed the latest PRC policies on foreign investment, many of those are not detailed enough, we expect the relevant government departments to soon enact the relevant implementing regulations and rules.

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Disclaimer
Any legal information contained in this newsletter is general in nature and laws and regulations are changing from time to time and compliance will always depend upon the particular circumstances. We have not attempted to give exhaustive descriptions of law or to give a legal opinion on specific legal issues. You should not rely on this newsletter as a legal advice for any particular purpose.

 

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