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Wuhan acts to give full play to foreign capital

Updated: Jun 21, 2019 Print

Themed on efficient high-tech industrial agglomeration, foreign investors are encouraged and supported to invest in projects including headquarters economy, scientific research and development, life health, shared innovation, cultural experience and eco-environment protection in Wuhan's Changjiang New City.

Changjiang New City is encouraged to cooperate with foreign governments, international organizations and foreign-funded enterprises to set up cooperation platforms such as science and technology innovation parks to turn Changjiang New City into a cluster for foreign capital and talents.

Companies acquiring legal industrial land can pay land transfer fees by installments according to the land grant contract but the proportion of the first payment should be no less than 50 percent and the company should pay off all loans within a year.

Foreign-funded enterprises will enjoy more convenience in using foreign currency or offshore renminbi (RMB) as auction deposits in land transaction.

Industrial projects by foreign-funded enterprises can apply for direct natural gas supply to reduce the cost of using that energy source.

Foreign-funded enterprises are supported to carry out full-aperture cross-border financing using both renminbi (RMB) and foreign currency in Wuhan Area of China (Hubei) Pilot Free Trade Zone. Companies can issue bonds both in the area and overseas, while the backflow of overseas bond issuance funds is also allowed.

Wuhan Area of China (Hubei) Pilot Free Trade Zone, established in 2017, is the largest plate and the most mature area in China (Hubei) Pilot Free Trade Zone. [Photo/]

Foreign-funded enterprises applying to upgrade to higher standards factories and industrial buildings can use the building of floors as basic functional units to conduct partition registration and transfers to introduce industrial projects from relevant industrial chain partners.

Industrial property stock for aims such as developing producer services, maker spaces and innovation areas can use the land in the same purpose and land right in five years. Talent agglomeration companies are encouraged to build public rental housing on their own stock land.

Foreign high-end talents in category A can apply for a five-year foreigner's work permit in China according to local requirements.

Social organizations and intermediary organs settled in Wuhan catering to local industrial development orientation with actual registered capital of that year surpassing $30 million (besides projects in real estate, finance and quasi-finance) can receive a one-time reward of 0.5 per thousand of registered capital, with the largest one-time grant for each single platform being 20 million yuan.

Changjiang New City in Wuhan is expected to become a cluster for foreign capital and talents. [Photo/VCG]


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