Jiangsu held a meeting on December 13 to ensure the implementation of the province’s Regulations on the Promotion and Protection of Foreign Investment, which will come into effect on January 1, 2024. The regional law aims to improve the investment promotion mechanism, strengthen the protection of foreign investors’ rights and interests, and enhance investment services.
Corporate tax declaration data revealed that Jiangsu had nearly 43,000 foreign-funded enterprises in operation as of September this year. Sun Jin, deputy director of the province’s Department of Commerce, said efforts will continue to monitor the construction progress and address difficulties of foreign-funded projects, increasing support in areas such as land use, energy consumption, environmental assessment, and financing.
Additionally, Jiangsu's government departments will hold regular roundtable meetings and face-to-face sessions with foreign-invested enterprises to solicit opinions and suggestions.
Several provincial departments are working together to adapt to new approaches to processing foreign public documents. Jin Shangjun, deputy director of the province’s Foreign Affairs Office, said the Office is cooperating with the Department of Justice and the Jiangsu Sub-council of the China Council for the Promotion of International Trade (CCPIT) to streamline document verification services. Priority in policy updates will be given to key foreign-funded enterprises.
The regulations also include provisions, such as tax incentives, to encourage reinvestment of profits. In the first three quarters of this year, the province approved 4.44 billion yuan in preferential treatment under this initiative, up 48% year-on-year. Consultation services will be provided by the province’s Tax Bureau to make it easier for foreign-funded companies to benefit from the initiative.
The regulations also emphasize national treatment for foreign-funded companies and protection of intellectual property rights. For example, concerning tax, foreign investment upon entry approval shall be administered under the principle of equal treatment for domestic and foreign investments.
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