Jiangsu released the second guideline over the implementation of a policy that aims to promote the quality of foreign investment and increase business environment.
The new guideline covers seven fields:
residence permit
standardization
facilitation of foreign exchange receipt
payment under the capital account
registration of reinvestment by non-investing foreign-funded enterprise
registration of foreign debt in cross-border financing
tax in domestic sales for enterprise in comprehensive bonded zone
According to the guideline, foreign students who engage in innovation or entrepreneurship in Jiangsu can apply for a residence permit for two to five years by offering the graduation certificate of a Chinese university as well as proof materials to support their innovation or entrepreneurship activities.
Foreigners who have applied for a work permit for more than one year twice in a row and have not committed any offence during the period may be issued a residence permit valid for five years on the third application.
Jiangsu will also support the fair and equal participation of domestic and foreign enterprises in making standards, and encourage foreign-invested enterprises to participate in the formulation of standards for medical devices, food and drug supplies, and IT products.
Non-investing foreign-invested enterprises are allowed to engage in domestic equity investment, provided that they do not violate the Foreign Investment Negative List and the projects they invest in are real and in compliance with the law.
Jiangsu will fully implement the macroprudential management policy for cross-border financing and support foreign-invested enterprises to independently choose the mode of borrowing foreign debt.
The province will also fully expand the scope of the pilot policy to selectively levy tariffs on domestic sales, and cut the cost in domestic sales for foreign-invested enterprises.
