Foreign investment more convenient, Shanghai issued the decision to implement the country's first foreign investment law

 

Shanghai has announced its decision to implement the country's first foreign investment law.

 

On May 23, the standing committee of Shanghai municipal people's congress voted to adopt the decision on the implementation of several issues concerning the foreign investment law, (hereinafter referred to as the decision).

 

Shanghai municipal people's congress standing committee li ding wei, director of the introduction, this is the first to implement the "foreign investment decision, is meant to safeguard the law comprehensively implemented in Shanghai, support and authorization of the government in the framework of the foreign investment in effective as actively, and reveal the Shanghai expand opening to the outside world, promoting foreign investment in the determination and confidence.

 

-- There are 6 main contents in the decision:

 

Article 1 is about the abolition of the regulations on the examination and approval of foreign-invested enterprises in Shanghai. The regulations on examination and approval, enacted in 1996, have played an important legal role in effectively managing foreign investment and serving foreign companies. The foreign investment law has established the management mode of "pre-establishment national treatment plus negative list" in an all-around way. The main system of the regulations on examination and approval no longer has the basis of the upper law, and the main contents no longer conform to the spirit of the foreign investment law. To this end, the decision explicitly repeals the above regulations on examination and approval from January 1, 2020.

 

Article 2 is about the application of the provisions of the local regulations of Shanghai and the inconsistent provisions of the foreign investment law. The foreign investment law is the basic law of China in the field of foreign investment.

 

According to the unified plan of the state, Shanghai is now carrying out a special clean-up of local regulations, government rules and normative documents that are inconsistent with the opening-up policy, ding said. According to the situation of the clean-up work, the relevant parties will put forward Suggestions to amend the provisions in the local regulations that are inconsistent with the spirit of the foreign investment law.

 

Article 3 is about the provision that authorizes the government to formulate policy measures. In the field of promotion and facilitation of foreign investment, the municipal government may formulate relevant rules and regulations, normative documents and other policies and measures, and the district people's government may formulate normative documents and other policies and measures. These policies and measures shall be conducive to actively promoting foreign investment, protecting the lawful rights and interests of foreign investment and standardizing the administration of foreign investment.

 

Article 4 is about striving for the establishment of special economic zones by the state or implementing pilot policies for foreign investment. The establishment of special economic zones or the implementation of experimental policies and measures is the power of the state. In accordance with the spirit of this article, Shanghai shall actively enlist the support of the state, undertake pilot tasks, accumulate experience in opening up, and serve the overall interests of the whole country.

 

Article 5 is about creating "three environments" for foreign investment. First, to improve the business environment in Shanghai by incorporating the work mechanism for improving the business environment and ensuring the rule of law into the decision, which reflects the long-term mechanism. Second, the market environment, reflects the implementation of "domestic and foreign capital consistent", the principle of fair competition; Third, the policy environment. According to the "decision", all policies of Shanghai supporting the development of enterprises are equally applicable to foreign-invested enterprises in accordance with the law. This is in line with the spirit of the "foreign investment law", and also reflects that foreign investment can enjoy national treatment after access.

 

Article 6 is about the supervision of the NPC. The decision requires the standing committees of municipal and district people's congresses to strengthen supervision over the implementation of the foreign investment law and this decision by listening to special work reports and carrying out law enforcement inspections.