Jiangsu's new policies for further opening-up

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

It includes supportive measures for foreign investors, actions to create a fair business environment, and requirements of more promotion activities to further attract foreign investments and widen its opening-up.

In terms of supportive measures, the foreign-invested companies can be equally applied to the Jiangsu action plan of Made in China 2025 strategy and eligible companies can apply for the provincial-level special funds; the technical equipment introduced by foreign-invested projects listed as encouraged by the state can be exempt from custom duties, and the imported key components and raw materials of major technological equipment can also be free of value-added tax.

It also supports foreign-funded companies in taking part in scientific and technological innovation with preferential policies. Research institutions along with core technologies and R&D groups set up by transnational corporations in line with the provincial industrial development can achieve a financial support of up to 30 million yuan ($4.35 million). Those who take in world-class talents can get a financial support of up to 100 million yuan.

For those enterprises with difficulty in paying social insurance premiums, they can apply for deferring the payment with a maximum period of six months except the basic medical insurance premiums after providing a valid guarantee.

The policies also put forward measures to promote fair competitions between domestic and foreign-funded enterprises, including accelerating the establishment of censorship, allowing them to operate projects of the provincial infrastructure and public utilities and supporting them to launch their initial public offerings.

Besides, it also encourages intensifying efforts to attract more foreign investments by organizing investment promotion activities.

It proposes that more than 10 provincial-level investment promotion activities and no less than 100 city/ county-level ones should be organized both at home and aboard throughout the year.