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New policies to attract foreign capital

Writer:   | Editor: Lily A  | From:  | Updated: 2017-12-06

THE provincial government of Guangdong Province on Monday officially released a series of new policies to further expand the opening-up drive and to actively make use of foreign investment, the Shenzhen Economic Daily reported yesterday.

According to Zheng Jianrong, head of the Department of Commerce of Guangdong Province, the policies specifically target the world’s top 500 enterprises and global leading enterprises that are headquartered or have regional headquarters in Guangdong. In addition, the incentives are aimed at solving the practical demands of these quality foreign enterprises.

The new polices mainly cover 10 areas, which include expanding market access, increasing financial incentives to utilize foreign investment and facilitating land use.

It is proposed that by 2022, new projects worth more than US$50 million, capital increase projects worth more than US$30 million and multinational companies’ headquarters or regional headquarters involving investment of more than US$10 million, will be rewarded by the province a maximum of 100 million yuan (US$15.12 million), which is no less than 2 percent of the province’s actual foreign investment that year.

In terms of land use, foreign enterprises that meet certain standards are offered preferential policies, which give them priority in land use when building their office buildings.

High-level Chinese talents who have studied abroad and worked at foreign-funded R&D research institutions in Guangdong, can enjoy a series of conveniences such as subsidized apartments.

(Zhang Yu)