In the first half of 2018, Ningbo attracted 262 foreign-invested projects, increasing by 26 over the same period of the previous year, with a contracted foreign investment of $2.4 billion, an increase of 0.7 percent. The actual use of foreign capital reached $2.21 billion, a year-on-year increase of 2 percent.
Among the projects, 26 of them received investment of more than $30 million, accounting for 9.9 percent of all the approved foreign investment of Ningbo.
From January to March 2019, 34 BRI countries established projects in Ningbo, an increase of 183.3 percent year-on-year, and the actual foreign investment reached $36.11 million.
In response to the national plan to optimize business environment initiated by the State Council, Ningbo government proposed the Opinions on building a first-class business environment in Ningbo in Oct 30, 2018. The city has decided to use a series of methods to further open up for foreign investment and import and export trade in the next few years.
1.Fully implementing the Special Administrative Measures (Negative List) for Foreign Investment Access (2018 Edition) approved by the Central Committee of the Communist Party of China and the State Council. Fields outside the negative list will receive approval from corresponding levels of departments. Also, no extra materials are required for those fields.
2.Actively loosening up the restrictions on foreign shareholding in banks and financial asset management enterprises, and encouraging foreign banks to establish subsidiaries in Ningbo. No limits will be set on the proportion of foreign capital in newly started financial capital investment and financial management companies. Foreign capital is encouraged to enter various financial spheres, including trusts, financial leasing, auto finance, currency brokerage and consumer finance.
3.Deepening the construction of national insurance innovation comprehensive pilot zones and promoting the opening-up of the insurance industry. Foreign-invested companies are no longer required to open representative offices for at least two years. No limits will be set against the proportion of foreign capital in insurance companies.
4.Further simplifying the process of business establishment. Enterprises will be licensed within 3.5 workdays.
5.Upgrading the process of registering investment projects and offering one-stop services to enterprises in such industries as the real estate industry. General industry projects will receive official approval within 59 workdays, and real estate projects within 95 workdays.
6.Strengthening construction of the third platform for the application and protection of intellectual property in Ningbo, and refining the city’s intellectual property appeals and mediation mechanism.
7.Encouraging intellectual property service organizations to offer standard services to technology startups in registering patent pledges and patent implementation.
8.Vigorously applying the full-caliber macro-prudential cross-border financing policy, supporting the low-cost integration of regional and overseas funds. Local enterprises are encouraged to raise funds via overseas listing and bond issuance to broaden overseas financing channels.
9.Offering consultation opinions on intellectual property infringement for foreign trade enterprises.
10.Reducing the time for entering and leaving ports. By 2018, the time for entering ports should be reduced to 100 hours and leaving ports to 10 hours. By 2020, the efficiency of passing through ports should lead the way at a global level.
11.Intensifying efforts to promote the standard version of the international trade “single window” project. The application rate of main businesses should reach 100 percent before the end of 2018. At the end of 2020, all services will be offered at one single service window. Gradually realize the "one-stop" comprehensive inquiry being gradually applied to every part of the "customs clearance + logistics chain" of cross-border trade.
12.Improving the process of import advance declaration and implementing the “one day clear” work system for customs clearance at ports. Imported goods can go through the inspection and release procedures as soon as they arrive at the port. Import goods exchange and import LCL cargo unpacking will be handled in parallel with customs clearance.
13.Undertaking cross-departmental joint inspections. Accelerate the intelligent machinery inspection and the follow-up disposal process of abnormal situations will be accelerated and optimized to reduce non-essential sampling inspection and repeated sample delivery when conducting on-site inspections. Inspection information will be passed on to enterprises without delay.
14.Fully applying electronic bills to such logistic tickets as bills of lading, equipment delivery orders and packing lists. Before the end of 2018, the proportion of paperless declaration of imported goods should top 95 percent. Online handling of port services will be accelerated.
15.Facilitating trade between China and central and eastern European countries, and comprehensively implementing the 14 trade facilitation and innovation measures.
16.Carrying out time limit assessments of customs clearances at ports and building a time limit assessment system for customs clearances at ports.
17.Reducing the comprehensive costs of ports by recording the list of charges for port-related enterprises, and lowering the import and export costs of port container goods by 5 percent year-on-year before the end of 2018.
18.Expanding the scale of export credit insurance coverage, optimizing quota allocations, and moderately relaxing the underwriting conditions for enterprises, especially for small and medium-sized enterprises. An overseas investment insurance support system will be established to encourage Ningbo enterprises to insure overseas investments.
19.Boosting the mobility of cross-border personnel, and the implementation of the immigration convenience policy issued by the National Immigration Bureau in Ningbo.