Shanghai mulls new guidelines to lure foreign investment

A woman goes out for an afternoon stroll in the China (Shanghai) Pilot Free Trade Zone. [Photo/China Daily]

The Shanghai municipal government rolled out guidelines on Sept 18, to further open up its markets to the outside world and encourage foreign investment.

The guidelines comprise 26 articles including details on opening wider to international markets, attracting foreign investment and protecting the legitimate rights and interests of foreign businessmen.

It proposes to enhance investment and advance trade liberalization in the Lingang area of the China (Shanghai) Pilot Free Trade Zone and increase openness in key development areas -- including telecommunications, insurance, securities, scientific research and technical services, education and health. It also suggests loosening restrictions on registered capital and investment methods.

More efforts are called for to improve working mechanisms for foreign investment, to build project databases and improve the network for promoting overseas investment and work coordination.

Meanwhile, Shanghai will actively engage with major trade groups and overseas exhibitors by leveraging the platform of the China International Import Expo, as well as host a series of investment activities to attract top foreign-funded projects.

China issued an overall plan in August for the new Lingang area in the China (Shanghai) Pilot Free Trade Zone, which will be built into a special economic zone to better serve the country's overall opening-up strategy.

The first 23 projects worth over 110 billion yuan ($1.55 billion) were signed in Lingang on Sept 12.