A number of foreign investment pilot reforms were instituted in the Shanghai Free Trade Zone (SFTZ) since it was established in 2013. At the end of 2014, the State Council approved the establishment of three new free trade zones (FTZs) in Tianjin, Fujian and Guangdong, and expanded the area of the SFTZ to include the Lujiazui Financial District, Jinqiaqo Development Zone and Zhangjiang Hi-Tech Park. Key FTZ benefits include a simplified procedure to set up a foreign invested subsidiary, simplified customs procedures, and liberalization of the financial sector, including cross-border RMB payment and settlement of capital accounts. An updated negative list for foreign investment with fewer restricted industries was recently published for all four FTZs, as well as an enhanced national security review regime. E-commerce has been opened to 100% foreign ownership in the SFTZ.
Questions? Please contact Allan Marson at email@example.com or +1 408-738-0592 #719 for a complimentary consultation on the new foreign trade zones and benefits for FIEs in their boundaries.