Jiangsu province released 12 measures June 5 to improve the quality and efficiency of the utilization of foreign investments to promote high-quality economic development.
Sun Jin, deputy director-general of Jiangsu Department of Commerce, said that the 12 measures were of good operability and great value.
This move further relaxes market access for foreign investments, and requires introducing high-quality foreign-invested projects, clustering global innovation resources, optimizing the investment environment in development zones, strengthening intellectual property protection, and improving the foreign investment service system.
Projects by Fortune 500 firms with actual investment of $200 million can receive special funds and support from Jiangsu Provincial Department of Commerce. The restrictions on ages and educational backgrounds of the urgently needed foreign talents for manufacturing have been loosened. Eligible foreigners can be issued multiple-entry visas with five-year validity. The procedures for foreign experts to apply for entry permits and residency have been simplified.
The 12 measures also encourage the establishment of international schools and hospitals to further open up the service industry and better serve foreign investors.
Yin Jianqiang, sub-inspector of Jiangsu Development and Reform Commission, said that as long as major foreign-invested projects in the service industry can be included in management scope, the Jiangsu government will increase its support for the projects in accordance with the unified standards and requirements for domestic and foreign investments, with the aim of promoting the high-quality development of foreign capital utilization.