Fujian encourages foreign investment in 12 major industries

An aerial view of Xiamen, Fujian province. [Photo/Xiamen Daily]

Fujian province will further expand the inflow of foreign capital, stabilize the scale of the market, and improve the quality of foreign investment, according to the new policy by the Fujian Provincial Development and Reform Commission, the Fujian Provincial Department of Industry and Information Technology, as well as other local government departments released on March 16.

Fujian encourages foreign investment in 12 major industries to boost local economies in digitalization, the marine sector, and cultural tourism.

Those industries cover advanced manufacturing, such as electronic information, high-end equipment, and petrochemicals, as well as emerging industries, including new materials, new energy, biology and new medicine, energy conservation and environmental protection, marine technologies, research and development design, modern logistics, and e-commerce. They also include producer services, such as scientific and technological information.

The province will also provide foreign-invested enterprises with an array of favorable policies, such as the distribution of profits and exemption from withholding income tax for foreign direct investment. There will be supporting policies for qualified foreign-funded enterprises to equally enjoy the region's industrial policies in such sectors as biomedicine, petrochemicals, lithium-ion battery energy, and hydrogen energy.

For investment promotion, Fujian will carry out high-level activities, create a public platform based on the China International Fair for Investment and Trade, as well as explore a market-oriented mechanism and build a global network.

The province will optimize its exit-entry services, as well as provide more convenience for international business personnel and their families in terms of residence permits and visa applications. Fujian requires local departments to strengthen relations with foreign trade and foreign-funded enterprises, as well as their upstream and downstream companies. It also requires local departments to ensure the smooth transportation of production materials and products.