China'S Foreign Investment Policy Will Be Constructed According To The "Neutral" Framework.

The Ministry of reform and development and the Ministry of Commerce recently announced the catalogue of foreign investment industry guidance (revised in 2017). The new catalogue adjusted the structure according to the national treatment plus negative list management mode before entering the country, and further improved the opening level of service industry, manufacturing industry and mining industry.

The restrictive measures in the new directory have been reduced by 30. Compared with the draft at the beginning of the year, VR, 3D printing and other encouraging items have also been added.

The Ministry of reform and development and the Ministry of Commerce recently announced the catalogue of foreign investment industry guidance (revised in 2017) (hereinafter referred to as the new catalogue).

This is the seventh revision since the first publication of the catalogue in 1995. The new catalogue has adjusted the structure according to the national treatment plus negative list management mode before entering the country to further improve the service industry.

And the opening level of mining industry.

The restrictive measures in the new catalogue have been reduced by 30. The foreign investment access restrictions in credit investigation and rating services, accounting, auditing, rail pit equipment, motorcycle manufacturing, soybean oil and other edible oils processing, oil shale, oil sand, shale gas and other unconventional oil and gas exploration and development have been abolished.

The genuine access to foreign capital needs to harmonize the central policy with all the departmental documents and local documents, and break the hidden barriers such as "glass doors".

In the new catalogue, foreign mergers and acquisitions other than related mergers and acquisitions, which do not involve restrictive measures involving foreign capital, are changed from examination and approval to filing management.

At the press conference of the Ministry of Commerce in June 29th, Sun Jiwen, spokesman of the Ministry of Commerce, said that in the future, the management measures for the establishment and alteration of foreign invested enterprises will be revised in due course, and the procedures of filing and establishing the enterprises for the acquisition and alteration of the enterprises should be clearly defined.

Compared with the draft at the beginning of the year, the new catalogue also added VR, 3D printing and other encouraging items.

In the context of the continuous decline in the utilization of foreign capital in China's manufacturing industry, the high-tech industry and the advanced manufacturing sector are expected to provide new growth points and new impetus for the manufacturing industry to attract foreign investment.

The 2017 edition of the catalogue further expanded the scope of the encouragement policy. The new edition of the catalogue encouraged 348 entries. Compared with the 2015 edition of the catalogue, 35 articles were amended and 6 new ones were added.

The new entries are mainly in the "computer, communication and other electronic equipment manufacturing" column, including virtual reality (VR), augmented reality (AR) equipment R & D and manufacturing, and key components development and manufacturing of 3D printing equipment.

It is worth noting that these items have not yet appeared in the draft of the catalogue in early January of this year.

Hao Hongmei, deputy director of the Foreign Investment Research Institute of the Ministry of Commerce, told the 21 media. This means that the newly published catalogue is based on extensive solicitation of social opinions, and adds relevant items in line with the urgent need of China in the field of information industry.

Hao Hongmei said that VR, AR and 3D printing were new industries that China vigorously encouraged to develop. At present, China has some shortcomings in technology, and it needs the power of introducing foreign capital to promote its development.

"Now we need to encourage the development of advanced manufacturing industry. In this sector, we are relatively weak. If we can only progress slowly by relying on our R & D and industrialization capabilities, and encourage foreign investment to come in, the pace will accelerate."

Hao Hongmei said.

At the above press conference, Sun Jiwen said that the new and revised encouragement items would better promote the combination of attracting foreign investment and attracting skills, and continue to encourage foreign investment to meet the direction of China's industrial pformation and upgrading, and support foreign investment to participate in the strategy of "made in China 2025" and innovation driven development strategy.

Hao Hongmei said that China's current position as the world manufacturing center and the world's factory is, to a large extent, the achievement of the long-term utilization of foreign capital by the manufacturing industry.

All along, foreign investment has played a huge role in promoting the development of manufacturing industry, promoting industrial pformation and upgrading, and heading for the world.

However, in recent years, the utilization of foreign capital in China's manufacturing industry has been in a downward trend.

At present, the proportion of foreign capital utilized by the manufacturing industry is less than 30% of the total foreign investment, and this figure reached 70~80% at the highest time.

Now, promoting the use of foreign capital in advanced manufacturing industry has attracted much attention.

Hao Hongmei pointed out that most of these are guided policies and ideas, and there has not yet been a specific policy. It is not clear how to open up industries and whether there are specific policies to encourage them.

A related official of the NDRC pointed out that the encouraged foreign investment projects in the catalogue can enjoy preferential policies such as tariff free import equipment, giving priority to the supply of land for the encouraged foreign investment industrial projects with intensive land use. When determining the base price of the land sold, it can be executed at 70% of the lowest level of the national industrial land pfer, no less than the amount of the land on the spot.

The use of foreign capital in manufacturing industry needs new growth hotspots and new driving forces.

At the beginning of the year, the article No. 5 issued by Guo suggested that foreign investment enterprises and domestic enterprises should apply the "China made 2025" strategic policy measures equally.

At the Davos forum in summer June 28th, Li Keqiang, premier of the State Council, also stressed many times that "China made 2025" brought huge market opportunities to Chinese and foreign enterprises. Chinese enterprises needed to cooperate with developed countries in order to improve the quality of product manufacturing, improve their technological level and equipment level.

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In response to concerns about intellectual property rights of foreign companies entering China, Li Keqiang also stressed that the Chinese government does not allow Chinese enterprises to force the other side to pfer technology or infringe intellectual property rights.

The new catalogue further relaxed the restrictions on foreign investment in the service, manufacturing and mining industries. The restrictive measures only retained 63 articles, which were 30 fewer than those in the 2015 edition of the catalogue.

For example, the service industry has abolished foreign investment access restrictions in credit investigation and rating services, accounting, auditing, wholesale market construction and operation of large agricultural products.

The manufacturing industry has cancelled foreign investment access restrictions in such areas as rail pportation equipment, motorcycle manufacturing, soybean oil and other edible oil processing.

The mining industry has cancelled foreign investment restrictions on unconventional oil and gas exploration and development, such as oil shale, oil sand and shale gas.

Abolish these areas.

Does it mean that foreign capital can set up wholly owned companies or wholly owned companies in related fields? Hao Hongmei is still uncertain about this.

In her view, the abolition of the access restrictions means "opening the door", but whether foreign capital can successfully land in China still faces many uncertainties.

"After the gates have been opened, all kinds of small doors must be opened, so that foreign investment can really come in.

In fact, when we go to local research, we often see some special department documents or local documents become the barriers to enter the market, and some hidden barriers such as "glass doors" need to be broken.

Hao Hongmei said that the entry of foreign capital needs to harmonize the central policies with all the departmental documents and local documents, so as to ensure the real opening up.

It is worth noting that the 2017 edition of the catalogue is revised under the negative list mode, which means that the new catalogue is a higher level of openness.

The above development and Reform Commission official said that the new catalogue is based on further summarizing the pilot experience of the FTA pilot area, and replicating the measures to open the FTA open to the outside world nationwide, thus highlighting the characteristics of the negative list.

The official said that in order to adapt to the reform requirements of pre admission national treatment plus negative list management mode, the new catalogue adjusted and optimized the structure. Some of the original encouraged items with stock requirements were incorporated into the negative list of foreign investment admittance as a restriction category and prohibition class. As a basic basis for the implementation of the national treatment plus negative list management mode for foreign investment, the restrictive measures for foreign investment access in principle should not be implemented in the areas outside the negative list.

The new edition of the catalogue deleted the restrictive measures of domestic and foreign capital in the 2015 edition of the catalogue. 11 items in the original restricted category and prohibited category were managed according to the principle of internal and external capital consistency.

For example, domestic and foreign capital projects such as the construction of large theme parks must fulfill the project approval procedures, and golf courses, villas and other domestic and foreign capital are prohibited from new construction. Gambling, pornography and other domestic and foreign investment are prohibited.

Hao Hongmei said that for foreign capital, China will abandon such prejudices as ownership, and at the same time, it will not be able to give foreign investors more national treatment. In the future, China's foreign investment policy will be constructed according to the "neutral" framework. The core is national treatment, fair policy environment and competition opportunities, and standardized market supervision system.

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