On February 28th, 2024, the General Office of the State Council unveiled the Circular Introducing the Action Plan for Advancing High-level Opening-up and Strengthening Efforts to Attract and Utilize Foreign Investment.
This circular outlines 24 measures spanning five key areas, including:
- Streamlining the Negative List by reducing restricted sectors and expanding the Encouraged List, accompanied by relevant tax incentives.
- Further opening up the telecommunications and healthcare sectors to encourage investment.
- Allowing select foreign-invested enterprises in pilot free trade zones in Beijing, Shanghai, and Guangdong to pioneer the development and application of gene diagnosis and treatment technologies.
- Broadening access for foreign financial institutions to participate in the banking and insurance sectors.
- Supporting qualified foreign financial institutions in engaging in domestic bond underwriting and other financial markets.
- Expanding pilot investment programs for eligible foreign limited partners in China.
- Encouraging investment in China’s central and western regions by reducing costs associated with land, energy, and labor.
- Promoting seamless data flow between foreign-invested enterprises and their headquarters while aligning domestic regulations with high international standards in economic and trade rules.
- Simplifying immigration procedures to facilitate the employment of foreign individuals in China.
In light of these initiatives, the State Council urges relevant departments to swiftly enact implementing measures to actualize the objectives outlined in the circular. By doing so, the aim is to actively cultivate and promote the “Invest in China” brand, showcasing China’s exceptional business environment and abundant investment opportunities to prospective foreign investors.
