Jilin provincial government has recently enacted 100 new policies in order to follow the long-term goal for northeast China to deeply integrate into the construction of the Belt and Road Initiative, thus further opening up to the outside world.
To promote the high-quality development of Jilin province, 100 policies covering nine directions have been proposed, mainly focusing on creating a better business environment and accelerating opening-up.
1. Market entry
Of the 100 new policies, there are 14 related to market entry, mostly encouraging foreign investment to enter the local market.
Restrictions put on foreign investment in finance, securities, futures, and insurance agencies will be loosened, as well as in areas of accounting and auditing, architectural design, and rating services. Joint-venture companies working in securities, investment management, futures, and life insurance in Jilin province are also encouraged in cases where the foreign share accounts for less than 51 percent of the total venture.
In the manufacturing sector, the provincial government encourages wholly foreign-owned enterprises covering the fields of fuel ethanol production and oil processing, transport equipment manufacturing, motorcycle manufacturing, special vehicle manufacturing, new energy vehicle manufacturing, R&D and maintenance of general-purpose aircrafts, and unmanned aerial vehicles, as well as the construction and operation of gas stations, plus international maritime transport and rail transport for passengers. The mining industry will also ease restrictions on unconventional oil and gas resources, such as oil shale, oil sands and shale gas, as well as mineral resources.
Foreign invested enterprises are allowed to undertake science and technology projects at all levels in Jilin province, and the relevant preferential policies are equally applicable for them. Eligible mergers and acquisitions from foreign investment towards provincial listed companies are also allowed in accordance with the law.
FAW Group Corporation in Jilin province is a global leader in the vehicle manufacturing industry. [Photo/Xinhua]
In addition, the provincial government will also give franchise to foreign capital for participating in the provincial infrastructure construction, otherwise, setting up non-profit pension institutions in the form of sole proprietorship or Sino-foreign joint venture.