Shandong's new policies for further opening-up | govt.chinadaily.com.cn

Shandong's new policies for further opening-up

Updated: Dec 17, 2018 govt.chinadaily.com.cn Print

Shandong province released new policies in July 2017 to better utilize foreign investments and to advance its opening-up to a higher level under new situations.

The plan includes supportive measures for foreign investors, actions to create a fairer business environment, and efforts to further attract foreign investments and widen its opening-up.

In terms of supportive measures, foreign-invested companies can be equally applied to the Shandong action plan of the Made in China 2025 strategy and eligible companies can apply for provincial-level special funds and national special funds; foreign-funded enterprises can also be exempt from or face abated customs duties, value-added tax and income tax according to relevant national or provincial policies.

Shandong also supports foreign-funded companies taking part in scientific and technological innovation with preferential policies. Companies with cutting-edge technologies or projects that are in line with provincial industrial upgrades can receive equity investment of up to 60 million yuan ($8.7 million) from the provincial fund. Those world-class talents involved in innovative projects who settle in Shandong can receive support of up to 50 million yuan.

The policies also put forward measures to promote fair competition between domestic and foreign-funded enterprises, including accelerating the establishment of censorship, and stepping up efforts to crack down on infringement and counterfeiting of patents and registered trademarks. Simplifying administrative procedures for the establishment and exit of foreign-funded enterprises is also a measure to improve the business environment in Shandong province.

Besides, it also supports foreign investment in the province's innovative projects, allows foreign-funded enterprises to operate projects in provincial infrastructure and public utilities, and encourages them to invest in the province's manufacturing and services industries.

For more information, please refer to the official document released on the Department of Commerce of Shandong Province website.

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