In order to comprehensively expand the scale of foreign investment and steadily improve the quality and level of its utilization, Ningxia Hui autonomous region enacted a range of new measures in September 2018.
Restrictions on foreign investment access will be further eased
Following up the implementation of opening-up in the following industries – seed, coal, non-metallic mineral resources, vehicles, ships, aircraft, railway passenger transport, gas stations, business sites for internet access services, call centers, performance brokerage, banking, securities, insurance, transport, trade logistics, and professional services – Ningxia has planned a range of key projects, steadily expanding investment areas and improving the quality and level of use of foreign capital.
Fully implement fiscal and tax policies to support foreign investment
The region will encourage foreign investors to expand their investment in Ningxia by implementing the preferential tax policies adopted by the State to attract overseas investors.
Ningxia also encourages foreign investment in technologically advanced service industries. It will do this by implementing preferential tax policies for qualified enterprises in that sector, reducing, for example, the income tax rate by 15 percent for recognized technologically advanced foreign-funded service enterprises.
Multinational companies will be encouraged to invest in Ningxia, with Fortune 500 and multinational companies receiving assistance to set up headquarters, regional headquarters, and centers for research and development (R&D), technology development, procurement and settlement. At the same time, financial support will be provided to key laboratories, engineering research centers, enterprise technology centers and clinical medical research centers independently built by multinational companies or jointly built with local enterprises.
Ningxia will also support foreign investment in raising the capacity and level of R&D and in purchasing domestic equipment.
Steadily build State-level development zones as hubs for foreign investment
Ningxia will encourage State-level development zones to optimize and simplify their business procedures, improve their service efficiency, and play a leading role in creating an enabling environment for foreign investment.
Strengthen the promotion of foreign investment
It will guide foreign investment to focus on industries with advantages and characteristics of Ningxia Hui autonomous region. The local government will study and formulate action plans for attracting investment in modern agriculture, new energy, new materials, biomedicine, advanced equipment manufacturing and modern service industries, to provide guidelines for making greater use of foreign capital.
It will also encourage excellent enterprises, and high-quality assets and brands in the region to strengthen cooperation with well-known multinational companies and Fortune 500 enterprises, introduce advanced international technology, management experience and marketing channels, thus increasing international competitiveness.
Meanwhile it will add international routes and flights, developing combined transport hubs such as railway-waterway and airway-railway, to reduce logistics costs and thereby attract more high-quality foreign-invested enterprises to settle in the region.
Create a favorable environment for foreign talents
Ningxia will complete the system for introducing foreign talents, providing high-level talents with relevant policies in terms of housing, children's education, employment of spouses and social security. Qualified foreign high-level talents may be issued with work permits and residence permits with a maximum period of five years, and their applications for permanent residency in China will also be provided with facility.
Ningxia plans to comprehensively expand the scale of foreign investment. [Photo/VCG]
(This English version is only for reference. To learn more, please refer to the authoritative Chinese version on www.nx.gov.cn/wxb/wxzcgk/201809/t20180917_1049292.html)