© 2016 The American Chamber of Commerce in South 版权所有 华南美国商会 2016年

“South China Economic Overview” courtesy of Dezan Shira & Associates Ltd. “华南地区经济概况”由协力管理咨询有限公司授权刊登。

Reproduction for commercial use is strictly prohibited. This document is available free of charge in electronic form at: http://www.amcham-southchina.org 严禁复制以作商业用途。华南美国商会官方网站提供该出版物 电子版免费下载。

Cover photo by Yuki Lu, Communication Manager, AmCham South China

Last updated: Feb 14, 2016 最后更新2016年2月14日

The American Chamber of Commerce in South China Suite 1801, International Sourcing Center 8 East Pazhou Avenue, Guangzhou, Guangdong, PRC, 510335

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Tel. (86 20) 8335 1476 Fax. (86 20) 8332 1642 [email protected] www.amcham-southchina.org The American Chamber of Commerce in South China 2016 Special Report on the State of Business in South China 华南美国商会 2016年华南地区经济情况特别报告

? $ Supporters 支持机构

United Airlines and United Express operate an average of nearly 美国联合航空公司及联航快运平均每日运营5,000架 5,000 flights a day to 362 airports across six continents. In 2014, 次航班，飞往6大洲362个机场。2015年，美联航和联航 United and United Express operated nearly two million flights car- 快运的航班总数约200万班次，为1.38亿乘客提供优质的 rying 138 million customers. United is proud to have the world’s 航班服务。美联航凭借其广泛的网络优势，在美国本土 most comprehensive route network, including U.S. hubs 芝加哥、丹佛、休斯顿、洛杉矶、纽约/纽瓦克、旧金山 in Chicago, Denver, Houston, Los Angeles, New York/Newark, San 及华盛顿等枢纽机场间运营着超过700条主要航线。 Francisco and Washington, D.C. United started non-stop service to China in 1986 and today 美国联合航空公司于1986年起开始运营中美直飞的 serves Beijing with non-stop flights to Chicago, New York/Newark, 航班服务，包括：北京飞往芝加哥、纽约/纽瓦克、旧 San Francisco and Washington, D.C./Dulles, Shanghai with non- 金山和华盛顿的直飞航班；上海飞往芝加哥、关岛、洛 stop flights to Chicago, Los Angeles, New York/Newark and San 杉矶、纽约/纽瓦克和旧金山的直飞航班；成都直飞旧 Francisco; and with non-stop flights to Chicago, New 金山的航班；香港飞往芝加哥、关岛、纽约/纽瓦克、 York/Newark, San Francisco, Guam, Singapore and Ho Chi Minh 旧金山、新加坡以及胡志明市的直飞航班。 City. United is a founding member of Star Alliance, the world’s larg- est and most comprehensive airline alliance, whose other members include Air China. United and Air China have a bilateral partnership that includes code-sharing on selected routes and provides customers with both carriers additional travel benefits such as airport lounge ac- cess and frequent flyer program reciprocity.

For the past 32 years, The China Hotel, A Marriott Hotel has hosted 广州中国大酒店是国内首批中外合作经营的大型 leaders of nations and commerce as well as thousands of guests as the first 五星级酒店，更是万豪国际集团在这个发展迅速的大都 Sino-foreign cooperative five-star hotel in mainland China. It is also one of 会的旗舰酒店。在过去的三十二年里, 中国大酒店成功 Marriott International’s flagship hotels in Asia Pacific. Located in the heart 接待了来自世界各地的商务旅行者和国家领袖。坐落于 of “old Canton”, The China Hotel, A Marriott Hotel has been home to not 广州市繁华的中心地段。凭着其得天独厚的地理位置及 only leaders of nations and commerce … but also discriminating guests and 殷勤周到的服务，多年来，中国大酒店一直备受各商界 thousands of star-kissed lovers. 名流和品位人士的青睐。中国大酒店共有850间格调高 We offer 850 rooms and suites ranging from deluxe rooms to 雅、设施齐备的高级客房及套房，酒店设施应有尽有， presidential suites. Rooms have been specially designed to be both elegant 让宾客尽享和谐舒适及先进优势，享受宾至如归的同时 and functional, in a thoroughly modern style combining traditional 让您随时在线，处理公务更加方便，更合心意。 Chinese style and the latest technology. Guests experience a traditional welcome and all the comforts of home but with the necessary cyber facilities to conduct business away from your home base. Contents 目录

President’s Report 6 会长致辞 7

Study Results 调查结果 Dezan Shira & Associates is a specialist foreign direct investment 1. Demographics 10 practice, providing corporate establishment, business advisory, tax 受访企业统计 11 advisory and compliance, accounting, payroll, due diligence and fi- nancial review services to multinationals investing in emerging Asia. 2. Revenue and profitability 18 Since its establishment in 1992, the firm has grown into one of Asia’s 收入和利润 19 most versatile full-service consultancies with operational offices 3. South China 22 across China, Hong Kong, India, Singapore and Vietnam as well as 华南地区 23 liaison offices in Italy and the United States. 4. Investment Trends 24 Dezan Shira & Associates’ experienced business professionals are 投资趋势 25 committed to improving the understanding and transparency of in- vesting in emerging Asia. 5. The Business Environment in South China 32 Dezan Shira & Associates also publishes significant and well re- 华南地区的营商环境 33 ceived business intelligence about each of the markets and disciplines in which it operates through its publishing subsidiary Asia Briefing Economic Overview Ltd. Established in 1999, Asia Briefing Ltd. is dedicated to provid- 经济概况 ing individuals and enterprises with the latest business and regulatory 1. Introduction to South China 46 news as well as expert commentary relating to conducting business 华南地区简介 47 in emerging Asia. 2. Guangdong Province 50 广东省 51 协力管理咨询有限公司是一个专业的对外直接投资 实践，针对跨国公司提供其在新兴亚洲的建立，业务咨 3. Fujian Province 58 询，税务咨询及合规，会计，工资，尽职调查与财务审 福建省 59 查投资的服务。自1992成立以来，公司已成长为一个亚 4. Guangxi Zhuang Autonomous Region 62 洲最通用的全方位服务的咨询公司之一，业务办事处包 广西壮族自治区 63 括香港，印度，新加坡和越南以及在意大利，美国和德 5. Hainan Province 66 国的联络办事处。协力管理咨询有限公司的员工是经验 海南省 67 丰富的商务人士，他们致力于提高外资公司对投资新兴 亚洲的理解和透明度。 6. Hong Kong Special Administrative Region 70 香港特别行政区 71 协力管理咨询有限公司通过在1999成立子公司亚洲简 7. Special Administrative Region 76 报来出版市场和学科中与业务有关的公司情报简报，亚洲 澳门特别行政区 77 简报公司致力于为在亚洲新兴市场开展业务的企业和个人 提供最新的业务和管理新闻以及专家的有关评论。 2016 Special Report on the State of Business in South China

President’s Report

his year, 246 companies participated in our Special Re- In terms of planning and risk management, the biggest perceived Tport on the State of Business in South China. The study, which challenge to the operations of study participants for the first time began in 2003, offers us unique insight into the growth and trans- ever changed to “Local competition” signaling an alarming concern formation of the Chinese economy. I am pleased to report that the for equal treatment. Trailing behind in second, third, fourth and state of that economy—and the state of business in South China—is fifth places are “Regulatory issues (Chinese government)”, “Rising excellent. labor costs” “Lack of qualifiable general personnel” and “Foreign This year’s Study shows that the Chinese economy has once again competition.” Results for the three-year period are quite similar, defied gravity and is well on its way to full transformation and re- with the second and third challenges exchanging places and the fifth- covery. It clearly demonstrates a high level of confidence by most ranked category being replaced by “Difficulty in market penetration.” companies in the reform policies and the direction and future of the Elsewhere, participants identified “Increasing inflation” as one of Chinese economy. their top policy-oriented concerns. Regardless of uncertainty in the medium term, we find strong re- This indicated that China’s overall regulatory system is improv- investment numbers across the board. Most participants reported re- ing. The establishment of the IP Courts in Beijing, Shanghai and investing more than they had originally budgeted for over the course Guangzhou is one of the important initiatives towards further im- of 2015, and for 2016 one-year budgeted reinvestment rose 8.79 provements. However, there are still more to be done, and I believe percent. Even though the three-year budgeted reinvestment slightly that when foreign companies felt more confident that they would be declined, we still estimate that AmCham South China member com- treated equally from a regulatory standpoint, and if they felt they had panies stand to reinvest greater than $13 billion in 2016 and greater better insight into the government’s more transparent decision-mak- than $12.6 billion between 2017 and 2018. As I have said in the past, ing process, I am fully confident that we would see investments grow companies do not reinvest in new projects unless they are confident rapidly across China. Moreover, I would argue that those improve- in the future. I have always believed that the most reliable vote is the ments would essentially be favorable side effects of broader economic one cast by companies voting with their pocket books. reform that would propel China’s economy into a position of primacy In 2016, the cross-section of participants has continued to broad- worldwide. en. American-invested Joint Ventures and Wholly-Foreign Owned As has been the case in the past several years, we expect one key Enterprises are joined by their counterparts from other nations and area of investment to be human resources; this year, fully 81.6 percent Mainland Chinese enterprises. We see companies of all sizes, from of study participants reported having hired new employees to take those with fewer than 50 employees and less than $1 million in rev- advantage of the labor market. We estimate that this has led to the enue all the way up to companies exceeding $500 million in revenue creation of 994,000 new jobs in China. and with thousands of employees worldwide. Every sector of the In light of these figures, I believe it is impossible to argue against economy is represented, from energy generation and agriculture all the fact that business continues to boom in what is on-track to quick- the way to cutting edge software and high-precision machinery. ly become the world’s largest economy. This year we find that almost half of our study participants are involved in manufacturing or trading goods and more than half in- volved in providing services to the market. One thing that unites With best regards, those two groups, however, is the fact that 75.6 percent of all par- ticipants report providing goods or services to the Chinese market as their primary business focus instead of creating goods or services for export. Similarly, 83 percent of participants responded that they considered the overall business environment in South China to be “Good,” “Very Good” or “Outstanding”. Thirty-seven point six Harley Seyedin percent of participants, meanwhile, reported that, in their opinion, President the business environment had improved somewhat or greatly in The American Chamber of Commerce in South China the past 12 months and a further 38.7 percent reported that it had Vice Chairman, U.S.-China Trade and Investment Policy remained about the same. The Asia Pacific Council of American Chambers of Commerce

6 The American Chamber of Commerce in South China

会长致辞

今年有246家企业参与了《华南地区经济情况特别 余四大挑战分别是“法律法规问题（中国政府，例如税 报告》调查。这一调查始于2003年，始终以独特的角 收、关税、行业法规）”、“人力资源成本增加”、以 度为读者展现中国经济的发展及变革。今年的调查结 及“缺乏‘合格’人才（总体上讲）”以及“国外竞 果显示，华南地区的经济状况及营商环境十分出色。 争”。在“企业未来三年面临的挑战”这一问题上， 对此，我深感欣慰。 排名第二、三位的挑战刚好对调，而排名第五位的则 是“市场渗透困难”。另外，受访企业表示将把“通 今年的调查显示中国经济再一次战胜了众多挑 货膨胀加剧“作为政策取向关注点。 战，并在全面转型及复苏的道路上继续前进。这充分 显示了大多数企业都对改革的政策和方向以及中国经 这表明了中国的整体法制系统正在逐步改善。而 济的未来发展充满信心。 北京、上海、广州建立知识产权法院则是重要举措之 一。然而，我们需要做的还有很多。如果外资企业觉 尽管中期发展仍存在不确定性，但是我们仍然看到 得他们在法律法规上将得到平等对待，并且对政府更 了企业再投资走势强劲。大部分受访企业表示他们2015 加透明的决策过程有进一步的了解，那么我非常有信 年的实际再投资额大于预算再投资额。今年企业未来一 心我们将会看到在华投资的快速增长。同时我认为， 年再投资预算上升了8.79%，虽然企业未来三年再投资 这些对法律法规的完善将对范围更广的经济改革起到 预算总额较去年略有减少，但我们估计华南美国商会会 积极作用，并促进中国经济迈向世界领先地位。 员企业在2016年的再投资预算仍将超过130亿美元，而 在2017-2018年再投资预算将超过126亿美元。正如我 从历年经验看来，我们认为人力资源是投资的重 之前所说，如果企业对未来不是充满信心，他们就不会 点方面之一。今年，有81.6%的受访企业表示他们已利 在新项目上作再投资。所以我深信，企业愿意再投资是 用现有劳动力市场优势雇佣新员工。我们估计，这已 中国经济发展前途光明的最可靠证明。 为中国创造了99.4万个新增就业岗位。

2016年参与调查的企业类别非常广泛，涵盖了 从上述数据可以看出，华南地区的经济将继续蓬 美资合资企业、外资独资企业及他们在其他国家的同 勃发展，而中国亦将在成为世界最大经济体的道路上 行，以及中资企业。企业规模小至雇员小于50人，年 继续前行。 收入不足100万美元，大至年收入超过5亿美元。受访 企业行业多样，传统行业如能源、农业，尖端行业如 软件、高端机器等都被包括在内。 此致 今年的调查结果显示，有将近半数的受访企业从 敬礼! 事产品制造或贸易，而另外过半受访企业则主要为市 场提供服务。这两者构成的受访企业总体中，有超过 75.6%表示其主要业务范围为“向中国市场提供产品或 服务”，而非“以出口为主的制造业”。

类似的，有83%的受访企业认为华南地区的整体营 商环境“好”、“很好”或“优异”。有37.6%的受访 企业认为当前华南地区的营商环境较12个月前有“一 定程度提高”或“很大程度提高”。而38.7%的受访企 业则认为营商环境“保持原有水平”。

在计划及风险管理方面，受访企业首次将“本地 哈利•赛亚丁 竞争”列为企业未来一年在华南地区发展的最大挑 华南美国商会 会长 战，这反映了企业对是否受到公平对待的担忧。而其 美国商会亚太地区理事会 美中贸易及投资政策副主席

7 2016 Special Report on the State of Business in South China STUDY RESULTS

8 The American Chamber of Commerce in South China 调 查 结 果

9 2016 Special Report on the State of Business in South China

1. Demographics Q: Where is your company’s headquarters or main office located in South China?

Sanya (1%) (1%) While proportion of Guangzhou based companies has in- Other (7%) (6%) creased this year to 59.8 percent, the proportion of study par- (6%) ticipants based in , Foshan and Dongguan are similar

Xiamen (<1%) to last year’s results.

Guangzhou Shenzhen (60%) (20% )

Canada (<1%) Southeast Asia (1%) Australia or New Zealand (<1%) Japan (<1%) Other (4%) 2016 European Union (EU) (9%) Dongguan (6%) Other (8%) United States (46%) Foshan (9%) Chinese Mainland (22%)

Guangzhou Xiamen (2%) (52%) (2%) Hong Kong SAR (16%) Shenzhen (20% ) 2016 Australia or New Zealand (2%) Canada (2%) Southeast Asia (2%) 2015 Japan (2%) Other (6%)

Other Dongguan (7%) European (9%) Union (EU) (8%) United States Foshan (5%) (40%)

Xiamen (2%) Guangzhou Zhuhai (2%) Chinese Mainland (56%) (27%) Hong Shenzhen Kong (19% ) SAR (12%)

2015 Australia or New Zealand (2%) Canada (1%) Southeast Asia (1%) 2014 Japan (1%) Other (4%)

European Union (EU) (9%) Q: Where is your parent or holding com- United States pany located? (42%) Chinese Mainland The share of U.S.-headquartered participants rose to 46.3 (28%)

percent this year after a minor down turn from 42.4 percent Hong Kong SAR in 2014 to 39.5 percent in 2015. Proportion of Chinese Main- (10%) land-based companies continued to drop, from its historical 2014 high 28.4 percent the year before to 22.3 percent this year.

10 The American Chamber of Commerce in South China

1. 受访企业统计 问：贵公司的运营总部位于华南地区 的哪个地方？

三亚 (1%) 中山 (1%)

其他 东莞 (7%) (6%) 今年，将总部设在广州的受访企业比例上升至 佛山 (6%) 59.8%。而将总部设在深圳、佛山、东莞的受访企业基

厦门 (<1%) 本与去年持平。

广州 深圳 (60%) (20% )

加拿大 (<1%) 东南亚 (1%) 澳大利亚或新西兰 (<1%) 日本 (<1%) 其他 (4%) 2016

欧盟(EU) (9%)

其他 东莞 (6%) (8%) 美国 (46%) 中国大陆 佛山 (9%) (22%)

广州 厦门 (2%) (52%) 珠海 (2%) 香港特别行政区 (16%) 深圳 (20% ) 2016 澳大利亚或新西兰 (2%) 加拿大 (2%) 东南亚 (2%) 日本 (2%) 2015 其他 (6%)

其他 东莞 (7%) 欧盟(EU) (9%) (8%) 美国 (40%) 佛山 (5%)

厦门 (2%) 中国大陆 广州 珠海 (2%) (27%) (56%) 香港 深圳 特别行政区 (19% ) (12%)

2015 澳大利亚或新西兰 (2%) 加拿大 (1%) 东南亚 (1%) 日本 (1%) 2014 其他 (4%)

欧盟 (EU) (9%) 问：贵公司母公司或控股公司 美国 的地点位于哪里？ (42%) 中国大陆 (28%)

香港 今年，母公司或控股公司位于美国的受访企业比 特别行政区 例继由2014年的42.4%下降至2015年的39.5%之后重新上 (10%) 2014 升至46.3%。而母公司或控股公司位于中国大陆的受访 企业比例持续下降，从历史最高点28.4%下降至今年的 22.3%。

11 2016 Special Report on the State of Business in South China

Q: What is the form of your company’s legal entity?

Other Other Other (5%) (5%) (6%)

Local Chinese Company Local Chinese Local Chinese (24%) Company Company Wholly-Owned (27%) (25%) Foreign Enterprise Wholly-Owned Wholly-Owned (54%) Foreign Enterprise Foreign Enterprise Rep (46%) (50%) Office Rep Joint (5%) Office Venture Rep Office (5%) (12%) Joint (9%) Joint Venture Venture (14%) (14%) 2016 2015 2014

This year the proportion of Wholly-owned Foreign Enterprises rose almost 8 percent, reaching 53.7 percent, while that of Main- land China-based companies shrank slightly to 24 percent.

Q: Does your company or group have offices in other parts of China? If so,where?

80% Yangtze River Delta No No No 70% (32%) (32%) (29%) Northern China 60% Yes Yes Yes (68%) (68%) (71%) 50% Western China

40% Other 2016 2015 2014 30%

20%

Over the history of this study, the proportion of participat- 10% 0% ing companies with offices in other parts of China has consis- 2016 2015 2014 tently been around 70 percent; this year’s results are no differ- ent. Also similar to prior years, most participants with other offices in China reported a presence in the Yangtze River Delta cent reaching 78.6 percent this year. A slight rise of 2.9 percent with successively smaller population reporting offices in North- was observed among companies with offices in Northern China ern China and Western China. Among the results, proportion while companies with offices in Western China declined by a of companies with offices in Yangtze River Delta rose 8.5 per- similar amount.

50% Q: How long has your company been More than 20 years

engaged in business in China? 40% From 10 to 20 years

Continuing a long-standing trend, older companies are From 6 to 9 years 30% more represented in this study than in any previous iteration. From 2 to 5 years This year just under 84 percent of participants have been in 20% Less than 2 years China for 6 or more years. Interestingly, the percentage of par- ticipants reporting having been doing business in China for 10 10% to 20 years rose over 12 percent, while the noticeable difference has been made up by minor decline in every other options. 0% 2016 2015 2014

12 The American Chamber of Commerce in South China

问：贵公司的企业类型是以下哪一种？

其他 其他 其他 (5%) (5%) (6%)

中资企业 中资企业 中资企业 外商独资企业 (24%) (27%) (25%) (54%) 外商独资企业 外商独资企业 (46%) (50%) 外资企业 办事处 外资企业 (5%) 外资企业 办事处 办事处 (5%) 中外合资企业 中外合资企业 (12%) (9%) 中外合资企业 (14%) (14%) 2016 2015 2014

调查结果显示今年外商独资企业的比例上升近8%，达到53.7%。而中资企业的比例则略微下降至24%。

问：贵公司或集团在中国其它地区是否设有办事处？如果是，位于哪里？

80% 长江三角洲地区 否 否 否 70% (32%) (32%) (29%) 中国北部地区 60% 是 是 是 (68%) (68%) (71%) 50% 中国西部地区

40% 其他 2016 2015 2014 30%

20%

10%

历年调查结果显示，在华南以外地区设有办事处的 0% 受访企业比例约为70%，而今年的调查结果亦无异。同 2016 2015 2014 时，与往年相似，在华南以外地区设有办事处的受访企 业多数选择将办事处设在长江三角洲地区，继而是中国 选择在中国北部地区设立办事处的企业比例亦轻微上升 北部地区及西部地区。调查结果显示，选择将办事处设 2.9%，而选择在中国西部设立办事处的企业比例则出现 在长江三角洲的受访企业比例上升8.5%，达到78.6%。 了相应比例的下降。

问：贵公司来华开展业务已有多少年？

50% 20年以上 延续往年的趋势，来华经营更长时间的企业在受访 10-20年 企业中所占比例更大。今年调查结果显示，将近84%的 40% 受访企业来华开展业务6年及以上。有趣的是，今年来 6-9年 30% 华经营10-20年的受访企业比例比去年上升了近12%，而 2-5年 选择其他选项的受访企业比例均出现轻微下降。 20% 少于2年

10%

0% 2016 2015 2014

13 2016 Special Report on the State of Business in South China

Q: Which category best describes the primary focus of your busi- ness activities in China? 75.6% Providing goods or services to the Chinese market 24.4% Manufacturing primarily for export

The proportion of participating companies reporting that Participants involved in the manufacturing or trade of goods their primary business focus was providing goods or services were this year most likely to be in the “Other” and “Electronic to the Chinese market this year, which was 75.6 percent, was equipment, household appliances and components”. “Textile, similar to last year. apparel, accessories and leather” and “Machinery (not electron- Early iterations of this study had found a small majority of ic)”, both with a percentage of 9.6 percent surpassed “Chemi- companies doing manufacturing or trading, whereas in recent cals” this year to rank top on the list. years that majority had belonged to the group of companies Participants in service industries, meanwhile, were most offering services to the market. This year’s results find the pro- likely to be in the “Professional services”, “Business services” and portion of participants involved in service industries rose over “Tourism and travel-related services” categories. 5 percent while the difference was made up by declined in the share of participants involved in the trade of goods.

Q: How many people does your company currently employ in China?

30% More than 5,000 This year’s results saw a 4.3 percent in- crease in participants employing more than 25% Between 1,000 and 5,000 5,000 employees being offset by decline in the other options except the “Between 500 20% Between 500 and 1,000 and 1,000 employee”.

15% Between 250 and 500

10% Between 50 and 250

Less than 50 5%

0% 2016 2015 2014

14 The American Chamber of Commerce in South China

问：以下哪种描述最符合贵公司在华南地区的主要业务范围？ 75.6% 向中国市场提供产品或服务 24.4% 以出口为主的制造业

今年，选择将“向中国市场提供产品或服务”作为 件”，选择“纺织品、服装、配件和皮革”以及“机械 企业在华南地区的主要业务范围的受访企业比例与去年 （非电子）”的受访企业比例均为9.6%，排名超过了“ 相似，为75.6%。 化学品”。

在历年的调查中，更大比例的企业为从事产品制造 而在选择“为市场提供服务”的受访企业中，多数 或贸易，而近年来我们则看到更多企业主要为市场提供 企业则选择了“专业服务”、“商业服务”以及“旅游 服务。今年调查结果显示，为市场提供服务的受访企业 及相关服务”。 比例较去年上升了5%。

在选择“从事产品制造或贸易”的受访企业中， 多数企业选择了“其他”、“电子设备、家用电器和配

问：贵公司在中国的员工数量为多少？

30% 今年调查结果显示，选择“多于 多于5000人 5000人”的受访企业比例上升了4.3% 25% ，而选择“500-1000人”以外选项的 1000-5000人 受访企业比例则出现了相应的下降。

20% 500-1000人

15% 250-500人

10% 50-250人

少于50人 5%

0% 2016 2015 2014

15 2016 Special Report on the State of Business in South China

Q: Out of your total number of employees, how many are expatriates and/or foreign pass- port holders? 60% Greater than 50 As in prior years, approximately half of participants report employing fewer than 50% Between 20 and 50 5 foreign passport holders and around 33 percent this year reported either 5 to 10 40% Between 11 and 20 or more than 50 expatriates. Slightly fewer employing between 11 and 20 expatriates, 30% Between 5 and 10 while the percentage of participants this year reported employing between 21 and 20% Less than 5 50 expatriates dropped back to around 5 percent from more than 10 percent last year. 10%

0% 2016 2015 2014

Q: Has your company taken advantage of the current labor market by hiring new employees?

No No No (18%) (16%) (19%)

Yes Yes Yes (82%) (84%) (81%)

2016 2015 2014

60% More than 5,000 Continuing a gradual rise from a historic 50% low of 69.5 percent in 2012, the number of Between 1,000 and 5,000 participants this year who reported hav- ing “taken advantage of the current labor 40% Between 500 and 1,000 market by hiring new employees” was 81.6 percent, just a slight decline compared with 30% Between 250 and 500 last year. Out of companies which reported hir- 20% Between 50 and 250 ing new employees over the course of 2015, Less than 50 we find a somewhat similar distribution 10% to prior years’ in terms of the number of new hires, with the exception of a notable 0% increase in the proportion of participants 2016 2015 2014 reporting hiring more than 5,000 new em- ployees, which almost tripled that of last year’s. over the course of 2015 AmCham South China companies hired Based on this year’s distribution of numbers hired and the 993,506 new employees in China. chamber’s current size of 2,300 members, we can estimate that

16 The American Chamber of Commerce in South China

问：全体员工中，有多少是外籍人士或外国护照持有者？

60% 与往年相似，雇佣少于5名外籍人士的受 多于50人 访企业比例约为50%。今年，雇佣5-10名外籍 50% 人士以及超过50名外籍人士的受访企业比例约 20-50人 为33%。雇佣11-20名外籍人士的受访企业比例

40% 11-20人 轻微下降，而雇佣21-50名外籍人士的受访企 业则从去年的超过10%回落至今年的5%。 30% 5-10人

20% 少于5人

10%

0% 2016 2015 2014

问：贵公司是否已利用现有劳动力市场优势雇佣新员工？

没有 没有 没有 (18%) (16%) (19%)

有 有 有 (82%) (84%) (81%)

2016 2015 2014

60% 多于5000人

50% 1000-5000人 自2012年出现历史低点69.5%以

来，今年选择“有利用现有劳动力 40% 500-1000人 市场优势雇佣新员工”的受访企业 比例为81.6%，较去年略微下降。 30% 250-500人

在选择2015年期间有雇佣新 20% 50-250人 员工的受访企业中，我们看到新 少于50人 雇佣员工数量在各区间分布基本与 10% 历年一致。然而今年选择“雇佣多 于5000人”的受访企业比例显著上 0% 升，约为去年数据的三倍。 2016 2015 2014

根据今年的新雇佣员工情况分 华南美国商会会员企业2015年度在中国地区的新雇员数量 布以及华南美国商会现有会员数约为2300推算，我们估计 达到99.4万。

17 2016 Special Report on the State of Business in South China

2. Revenue and Profitability

Q: What is your company/group’s approximate annual worldwide revenue?

40% Greater than $500 million 35% Between $101 million and $500 million 30%

Between $11 million and $100 million 25%

20% Between $1 million and $10 million

15% Less than $1 million

10%

5%

0% 2016 2015 2014

As in prior years, participants tended to have large world- Another result similar to previous years was around two- wide annual revenues. The results indicated that approximately thirds of participant report worldwide revenues of greater than 40 percent of participants having more than $500 million in $11 million–this year 69.5 percent of the total. revenue. It is understandable as larger companies are more likely to expand beyond their home market. Q: What is your company/group’s approximate annual China revenue?

30% N/A

25% Greater than $250 million

20% Between $50 million and $250 million

15% Between $11 million and $50 million

10% Between $1 million and $10 million

Less than $1 million 5%

0% 2016 2015 2014

This year’s results are somewhat similar to last year’s. We saw While interestingly, we observed an almost 4 percent decline in a slight rise in the category greater than $250 million, between the category of between $50 million and $250 million. $1 million and $10 million, as well as less than $1 million.

18 The American Chamber of Commerce in South China

2. 收入和利润

问：贵公司/集团在全球范围的年收入大约是多少？

40% 超过5亿美元 35% 1.01亿-5亿美元 30%

1100万-1亿美元 25%

20% 100万-1000万美元

15% 少于100万美元

10%

5%

0% 2016 2015 2014

与往年调查结果类似，今年的受访企业在全球范围 同样与往年结果相似，全球范围年收入超过1100万 的年收入均比较高。今年近40%的受访企业表示集团的全 美元的受访企业约占总体的三分之二，今年这一比例达 球范围年收入超过5亿美元，这不难理解，因为更大的企 到69.5%。 业往往更有可能向本土以外的其他市场扩张。

问：贵公司在中国的年收入大约为多少？

30% 不适用(比如办事处)

25% 超过2.5亿美元

20% 5000万-2.5亿美元

15% 1100万-5000万美元

10% 100万-1000万美元

少于100万美元 5%

0% 2016 2015 2014

今年的调查结果基本与去年一致。选择在中国的年 有趣的是，选择“5000万-2.5亿美元”的受访企业比例下 收入为“超过2.5亿美元”、“100万-1000万美元”以 降了4%。 及“少于100万美元”的受访企业比例均略微上升。然而

19 2016 Special Report on the State of Business in South China

Q: When does your company expect to be profitable in China?

100% Other

80% In between 3 to 5 years

Within 2 years 60%

This year

40% Already pro table

20%

Profitable and significantly exceeding budget expectations (7%)

0% 2016 2015 2014 Profitable but not meeting Pro table budget and meeting expectations budget (43%) expectations Q: If your company is already profitable, (50%) to what extent?

2016 This year almost 93 percent of participating companies re- Profitable and significantly exceeding ported that they were already profitable or would be within the budget expectations (4%) next two years. Continuing a trend observed since 2012, however, we find fewer and fewer companies are profitable and meeting budget Profitable but expectations. Since the historic high for this measure in 2012, Pro table not meeting and meeting budget this year we have seen the proportion of participants in this cat- expectations budget (47%) egory fall to 50 percent. expectations Interestingly, the percentage of the participating companies (49%) reporting profitable and significantly exceeding budget expecta- tions this year almost doubled, rose to 7.4 percent. 2015

Profitable and significantly exceeding budget expectations (6%)

Profitable but not meeting Pro table budget and meeting expectations budget (43%) expectations (51%)

2014

20 The American Chamber of Commerce in South China

问：贵公司在中国预期什么时候实现盈利？

100% 其他

80% 未来3-5年

未来2年内 60%

今年

40% 已经实现盈利

20% 实现盈利且大大超出预期 (7%)

0% 2016 2015 2014 实现盈利且 实现盈利但 达到预期 未达预期 问：如果贵公司已经实现盈利， (50%) (43%) 则盈利状况如何？

2016 今年有将近93%的受访企业表示他们已经实现盈 利或将在未来两年内实现盈利。 实现盈利且大大超出预期 (4%)

然而受访企业的盈利实现情况却未如理想，这 一趋势始于2012年。自2012年的历史高点，今年选 择”实现盈利并且达到预期“或”实现盈利并超出 实现盈利且 实现盈利但 预期“的受访企业比例跌至50%。 达到预期 未达预期 (49%) (47%) 有趣的是，选择“实现盈利并且大大超出预期” 的受访企业比例几乎是去年的两倍，上升至7.4%。

2015

实现盈利且大大超出预期 (6%)

实现盈利但 实现盈利且 未达预期 达到预期 (43%) (51%)

2014

21 2016 Special Report on the State of Business in South China

3. South China

Q: What are your company’s goals in South China?

1. Produce goods or services in South China for the China market Continuing the long-established trend, “Produce goods or services in South China for the China market” remains partici- 2. Produce goods or services in South China for markets other than pant’s top goal in the region; the two other production-oriented the U.S. and China results–“Produce goods or services in South China for markets other than the U.S. and China” and “Produce goods or services 3. Produce goods or services in South China for the U.S. market in South China for the U.S. market”–also remain in the top five 4. Establish or expand a regional base priorities for participating companies. This year’s results, in fact, are identical to those recorded last year. The only difference is 5. Export from China to countries other than the U.S. that “Export from China to countries other than the U.S.” and 6. Export from China to the U.S. “Export from China to the U.S.” tied for fifth with exactly same 11.6 percent.

Q: What are the major reasons for your company to set up operations in South China in- stead of other China locations?

“Opportunities in South China’s domestic market” remains 1. Opportunities in South China’s domestic market a top consideration for companies setting up operations in 2. Availability of highly qualified managers and specialists South China. While this year, “Availability of highly qualified managers and specialists” rose to the second place, taken the 3. Better infrastructure than other places in South China place of “Proximity to Hong Kong”, which ranked fourth this 4. Proximity to Hong Kong year. “Better infrastructure than other places in South China” ranked the same this year while “Greater openness than other 5. Greater openness than other places in China places in China” dropped to the fifth place.

Q: How do you expect your company’s operations to change in the following areas over the coming 3 years?

Response to this question are similar to those recorded in 1. Services provided in China previous years, although “China market share” rose to rank 2. China market share second, after “Services provided in China”. “Profits” exchanged place with “Overall Chinese business activities” to rank fourth 3. Competition from P.R.C. firms this year. Taken as a whole, these results indicates that in 2016 4. Profits multinational companies expect more expansion, and bigger margin in the domestic Chinese market. 5. Overall China business activities

22 The American Chamber of Commerce in South China

3. 华南地区

问：贵公司在华南地区的发展目标是什么？

1. 在华南地区向中国市场生产产品或提 与往年呈现的趋势一致，“在华南地区向中国市场 供服务 生产产品或提供服务”依然是受访企业在华南地区发展的 主要目标。同受访企业选择的五大主要目标还包括另外两 2. 在华南地区向中国和美国以外的市场 个以提供产品和服务为导向的选项，分别是“在华南地区 生产产品或提供服务 向中国和美国以外的市场生产产品或提供服务”、“在华 南地区向美国市场生产产品或提供服务”。事实上，今年 3. 在华南地区向美国市场生产产品或提 的调查结果与往年相似。不同的是“从中国向美国以外的 供服务 国家出口”以及“从中国向美国出口”以11.6%这一比例 并列第五位。 4. 建立或扩大区域基地 5. 从中国向美国以外的国家出口 6. 从中国向美国出口

问：贵公司选择在华南地区而非中国其他地 方设立运营机构的主要原因是？

1. 华南地区国内市场的机遇 “华南地区国内市场的市场机遇”依然是受访企业 2. 拥有高素质管理和专业人才 考虑在华南地区开展业务的首要原因，而今年“拥有高 素质管理和专业人才”取代“临近香港”，成为受访企 3. 华南地区更好的基础设施 业选择的第二大原因，后者今年排名第四。“华南地区 4. 临近香港 更好的基础设施”与往年排名相同,而“比中国其他地 方更加开放”则下降至第五位。 5. 比中国其他地方更加开放

问：贵公司预计将会在未来三年改变的经济领域是？

1. 中国提供的服务 这一问题的回应基本与往年一致。不同的是“在 2. 在中国的市场份额 中国的市场份额”上升至第二位，紧随“中国提供的服 务”之后。而“利润”超过了“全中国的经营活动”名 3. 来自中国企业的竞争 列第四。这表明企业预期在中国本土市场实现更强劲的 4. 利润 发展和获取更高的利润。 5. 全中国的经营活动

23 2016 Special Report on the State of Business in South China

4. Investment Trends

Q: For 2015, what was your company’s realized reinvestment volume in China?

35% Greater than $250 million 30% Between $50 million and $250 million 25% Between $10 million and $50 million 20% Between $1 million and $10 million 15% Less than $1 million 10% No investments made 5%

0% 2016 2015 2014

Over 10.8 percent this year’s participants reported having to 23.9 percent from last year’s 34.5 percent, which is an over 10 reinvested greater than $250 million, which is a 4.4 percent percent decline. Moreover, there is an almost 5 percent increase rise compared with last year. Meanwhile, we observed a similar in the category of companies having made no reinvestments at all. percentage rise in the category of having reinvested between $1 million to $10 million. However, the percentage of participat- ing companies having reinvested less than $1 million dropped

Q: For 2016, what is your company’s budgeted reinvestment in China?

35% N/A 30% Greater than $250 million 25% Between $50 million and $250 million 20% Between $10 million and $50 million 15% Between $1 million and $10 million 10% Less than $1 million 5%

0% 2016 2015 2014

The results of the budgeted reinvestments in China for companies plan small reinvestments, more companies plan ex- 2016 of the participating companies are somewhat similar to tremely large reinvestments while more companies plan no re- the results of realized reinvestments in China for 2015. Fewer investments at all.

24 The American Chamber of Commerce in South China

4. 投资趋势

问：2015年，贵公司在中国的实际再投资总额是多少？

35% 多于2.5亿美元 30% 5000万-2.5亿美元 25% 1000万-5000万美元 20% 100万-1000万美元 15% 少于100万美元 10% 没有投资 5%

0% 2016 2015 2014

今年超过10.8%的受访企业表示再投资总额“多于2.5亿 受访企业比例下跌近10%，从去年的34.5%跌至23.9%。而表 美元”，较去年上升了4.4%。同时，我们观察到了再投资总 示“没有投资”的企业比例则上升了5%。 额为“100万-1000万美元”的受访企业比例出现了相似比例 的上升。然而，今年企业再投资总额“少于100万美元”的

问：2016年，贵公司在中国的预算再投资额是多少？

35% 不适用 30% 多于2.5亿美元 25% 5000万-2.5亿美元 20% 1000万-5000万美元 15% 100万-1000万美元 10% 少于100万美元 5%

0% 2016 2015 2014

2016年的再投资预算趋势与2015年实际再投 计划超大额再投资的企业以及无计划再投资的企业 资的状况类似，计划小额再投资的企业有所减少， 比例均有所增加。

25 2016 Special Report on the State of Business in South China

2015 Budgeted vs. Actualized Reinvestment

Comparing reinvestment budgets 35% 2015 Budgeted for 2015 reported last year against 2015 Actual realized reinvestment volumes for the 30% same period reported this year, we found that more companies reinvested in every level than had originally bud- 25% geted to do so except for in the “less than $1 million” category, which saw a 20% decline from 34.6 percent having bud- geted to do so against only 26.9 per- cent actually securing reinvestments 15% with that value. However, we also see almost 4 percent of the participating 10% companies which didn’t plan on rein- vesting actually did so.

5%

N/A

Less than $1 million

Greater than $250 million

Between $1 million and $10 million Between $10 million and $50 million Between $50 million and $250 million

Normalized reinvestment figures Estimated reinvestment volumes

(Response distribution applied to 100 companies by per- (Normalized, scaled by a factor representing chamber mem- centage share) bership)

Projected 2016: $3,296,485,000 (+8.79%) Estimated 2016: $13,087,053,000 (+8.79%) Projected 2015: $3,030,100,000 (-9.3%) Estimated 2015: $12,029,504,000 (-9.3%) Projected 2014: $3,343,500,000 (+30.10%) Estimated 2014: $13,273,703,000 (+30.10%) Projected 2013: $2,569,950,000 (+1.90%) Estimated 2013: $10,202,708,000 (+1.90%) Projected 2012: $2,521,958,000 Estimated 2012: $10,012,180,000

Projected 2016-18: $2,729,495,000 (-8.65%) Estimated 2016-18: $12,646,945,000 (-8.65%) Projected 2015-17: $2,988,100,000 (-16.9%) Estimated 2015-17: $13,844,682,000 (-16.9%) Projected 2014-16: $3,599,200,000 (+1.30%) Estimated 2014-16: $16,676,076,000 (+1.30%) Projected 2013-15: $3,552,850,000 (+40.88%) Estimated 2013-15: $16,461,324,000 (+40.88%) Projected 2012-14: $2,943,304,000 Estimated 2012-14: $11,684,920,000

To accommodate fluctuating sample sizes, for the past six Whereas in 2014, we saw an over 9 percent decline in 1-year years we have reported reinvestment figures normalized to 100 budgets and an almost 17 percent in 3-year reinvestment bud- companies as a primary year-on-year comparison. This figure is gets, this year, we see an 8.79 percent increase in 1-year reinvest- calculated as the product of the mean of each category range ment budgets and a decline of similar percentage in 3-year bud- and the percentage of total participants indicating that cat- gets, suggesting confidence in 2016 but a substantial amount of egory, except in the case of the largest ($250 million or more) uncertainty in the medium term. category, for which the minimum value is used.

26 The American Chamber of Commerce in South China

2015年度预算再投资与实际再投资比较

对比上次报告中的2015年预 35% 2015 年预算投资 算投资与此次报告所收集的同期 2015 年实际投资 实际投资量，我们观察到在各区 间实际进行了再投资的企业比例 30% 均高于计划再投资的企业比例， 除了“少于100万美元”这一区 25% 间。调查结果显示原计划再投 资“少于100万美元”的企业比例 为34.6%，而实际进行了该数额再 20% 投资的企业比例则只有26.9%。但 与此同时，有近4%的受访企业原 15% 本无计划再投资却实际进行了再 投资。

10%

5%

不适用

2.5亿美元以上 少于100万美元

100万美元-1000万美元 5000万美元-2.5亿美元 1000万美元-5000万美元

标准化投资数据 预估投资额

（以100家企业所占比例为标准） （标准化预估，以会员企业为系数）

2016未来一年： $3,296,485,000 (+8.79%) 2016未来一年：$13,087,053,000 (+8.79%) 2015未来一年： $3,030,100,000 (-9.3%) 2015未来一年：$12,029,504,000 (-9.3%) 2014未来一年： $3,343,500,000 (+30.10%) 2014未来一年：$13,273,703,000 (+30.10%) 2013未来一年： $2,569,950,000 (+1.90%) 2013未来一年：$10,202,708,000 (+1.90%) 2012未来一年： $2,521,958,000 2012未来一年：$ 10,012,180,000

2016-18未来三年：$2,729,495,000 (-8.65%) 2016-18未来三年：$12,646,945,000 (-8.65%) 2015-17未来三年：$2,988,100,000 (-16.9%) 2015-17未来三年：$13,844,682,000 (-16.9%) 2014-16未来三年：$3,599,200,000 (+1.30%) 2014-16未来三年：$16,676,076,000 (+1.30%) 2013-15未来三年：$3,552,850,000 (+40.88%) 2013-15未来三年：$16,461,324,000 (+40.88%) 2012-14未来三年: $2,943,304,000 2012-14未来三年：$ 11,684,920,000

为了降低受访企业数量变动对调查结果的影响，我 在2014年的调查中，我们观察到了企业未来一年再 们近六年来采用以每100家企业为基数，对其进行同期的 投资预算下降了超过了9%，而未来三年再投资预算则下降 投资预算对比。数据的计算方法是每一个类别的中间值乘 了近17%。今年，企业未来一年再投资额上升了8.79%，而 以该类别在所有受访企业中所占的比例，而投资额的最高 未来三年再投资则出现了相似比例的下降，这表明受访企 项（达到或超过2.5亿美元）则取最小值2.5亿美元。 业对2016年再投资有信心但对中期发展仍存在不确定性。

27 2016 Special Report on the State of Business in South China

Q: For the coming 3 years, what is your company’s expected reinvestment volume in China?

40% Not applicable 35% Greater than $250 million 30%

25% Between $50 million and $250 million

20% Between $10 million and $50 million

15% Between $1 million and $10 million

10% Less than $1 million 5%

0% 2016 2015 2014

Similar to results in 2015 and earlier years, this year we find pants this year were slightly less likely to have planned reinvest- that the distribution of 3-year reinvestment budgets mainly ments of “Less than $1 million”, “Between $1 million and $10 skewed toward smaller amounts. million”, “Between $10 million and $50 million”, and “Between This year, more than 35.8 percent of the participants re- $50 million to $250 million”, while being somewhat more likely ported that 3-year reinvestment budget amounts were “Not ap- to have planned reinvestments of “Greater than $250 million” plicable”, a 15 percent increase compared with last year, which over the 3-year time frame. is made up by modest declines in other categories respectively, except for the “Greater than $250 million”, indicating partici-

Q: For future reinvestments, in which areas of China will you likely expand in the next three years? 60% Yangtze River Delta

50% Northern China

Western China (Sichuan) 40%

Western China (other locations) 30% South China (Guangdong)

20% South China (Guangxi)

10% South China (other locations)

Other 0% 2016 2015 2014

We see an almost 14 percent rise in the proportion of com- Yangtze River Delta, while modest declines in the proportion panies planning investments in “South China (Guangdong)”, of companies planning investments elsewhere. and a slight increase in the proportion of companies choosing

28 The American Chamber of Commerce in South China

问：未来三年贵公司在中国的预算再投资额是多少？

40% 不适用 35% 多于2.5亿美元 30%

25% 5000万-2.5亿美元

20% 1000万-5000万美元

15% 100万-1000万美元

10% 少于100万美元 5%

0% 2016 2015 2014

与去年及往年趋势类似，今年的企业未来三年预算再 现了轻微下降，除了“多于2.5亿美元”这一区间。结果 投资额分布更集中于小额区间。 表明，今年更少受访企业选择预算再投资额为“少于100 万美元”、“100万-1000万美元”、“1000万-5000万美 今年的调查结果显示，有超过35.8%的受访企业在回 元”以及“5000万-2.5亿美元”，而更多企业选择三年预 答“企业三年预算投资额”这一问题上选择“不适用”， 算再投资额为“多于2.5亿美元”。 较去年上升了15%。而选择其他区间的企业比例则分别出

问：未来三年，贵公司在中国可能投资的区域是？

60% 长江三角洲地区

50% 中国北部地区

中国西部地区(四川) 40%

中国西部地区(其他地点) 30% 华南地区(广东)

20% 华南地区(广西)

10% 华南地区(其他地点)

其他 0% 2016 2015 2014

今年的调查结果显示，选择华南地区（广东）作为 同时，选择长江三角洲地区的受访企业也有所增加，而 未来三年可能投资的区域的受访企业比例上升近14%。 其他地区的受关注程度则有所下降。

29 2016 Special Report on the State of Business in South China

Q: Did your company’s 1-year budgeted reinvestment volume change over the course of the year?

50% 40% Greater than $250 million 45% 35% 40% Between $50 million and $250 million 30% 35% Between $10 million and $50 million 25% 30%

25% 20% Between $1 million and $10 million

20% 15% Less than $1 million 15% 10% 10% No change

5% 5%

0% 0% Decrease < No change > Increase Decrease < No change > Increase 2016 2015

Continuing a downward trend in the proportion of com- million and $50 million” and “Between $50 million and $250 panies increasing their 1-year reinvestment budgets over the million”. Instead, we observed notable growth in the proportion course of the year, only 44.9 percent of this year’s participants of participants having increased 1-year reinvestment budgets by reported doing so, down from 60 percent in 2012. Meanwhile “Greater than $250 million”. we see a modest increase from last year in the proportion of While of those companies who decreased their budgets over study participants who decreased their 1-year reinvestment the cross of 2015, 86.7 percent saw decreases of $10 million or budgets. less, while 6.7 percent decreased their budgets by “Between $50 Of the companies who increased their budgets, compara- million and $250 million”. tively fewer companies increased them by “Less than $1 mil- lion”, “Between $1 million and $10 million”, “Between $10

Q: Did your company’s 3-year budgeted reinvestment volume change over the course of the year?

40% 35% Greater than $250 million

35% 30% Between $50 million and $250 million 30% 25% Between $10 million and $50 million 25% 20% 20% Between $1 million and $10 million 15% 15% Less than $1 million 10% 10% No change 5% 5%

0% 0% Decrease < No change > Increase Decrease < No change > Increase 2016 2015

The percentage of participating companies who adjusted tween $ 1 million and $10 million”. Meanwhile the percentage their 3-year reinvestment budgets roughly tracks the 1-year bud- of participating companies reported increases of “Greater than get changes, albeit with a slightly bigger proportion reporting no $250 million” is over 4 times that of last year’s. changes for the 3-year term and a slightly smaller percentage re- Of those participants who reported decreases in 3-year re- porting having decreased their 3-year budget. investment budgets, 91.6 percent reported changes of less than Of the 50.4 percent who reported increases to their budgets, $10 million and 8.3 percent reported decrease of “Between $10 78 percent indicated increases of “Less than $1 million” or “Be- million to $50 million”.

30 The American Chamber of Commerce in South China

问：贵公司年度预算再投资额在过去一年中是否变化？

50% 40% 多于2.5亿美元 45% 35% 40% 5000万-2.5亿美元 30% 35% 1000万-5000万美元 25% 30%

25% 20% 100万-1000万美元

20% 15% 少于100万美元 15% 10% 10% 没有变化

5% 5%

0% 0% 缩减 < 没有变化 > 增加 缩减 < 没有变化 > 增加 2016 2015

延续了前几年下降的趋势，表示未来一年再投资预 元”、“1000万-5000万美元”以及“5000万-2.5亿美 算有所增加的企业比例从2012年的60%跌至今年的44.9%。 元”的企业比例均有所下降，而选择增幅为“多于2.5 而今年表示未来一年再投资预算有所减少的企业比例则轻 亿美元”的企业比例则显著上升。 微上升。 而在选择再投资预算有所减少的受访企业中，有 在选择再投资预算有所增加的企业中，选择再投 86.7%表示降幅为“少于1000万美元”，6.7%则选择 资预算增幅为“少于100万美元”、“100万-1000万美 了“5000万-2.5亿美元”。

问：贵公司未来三年预算再投资额在过去一年中是否有变化？

40% 35% 多于2.5亿美元

35% 30% 5000万-2.5亿美元 30% 25% 1000万-5000万美元 25% 20% 20% 100万-1000万美元 15% 15% 少于100万美元 10% 10% 没有变化 5% 5%

0% 0% 缩减 < 没有变化 > 增加 缩减 < 没有变化 > 增加 2016 2015 企业未来三年再投资预算额在过去一年中的变化情 万-1000万美元”。而表示增幅为“多于2.5亿美元”的 况与未来一年再投资预算额的变化情况基本一致。不同 受访企业比例则为去年的四倍多。 的是表示再投资预算额没有变化的受访企业比例稍大， 而表示再投资预算额有所减少的企业则比例稍小。 而在表示未来三年再投资预算额有所减少的受访企 业中，有91.6%表示降幅为“少于100万美元”，8.3%则 在表示再投资预算额有所增加的50.4%受访企业 选择了“1000万-5000万美元”。 中，78%的企业表示增幅为“少于100万美元”或“100

31 2016 Special Report on the State of Business in South China

5. The Business Environment in South China

50% Outstanding Q: How would you rate the overall busi- ness environment in South China? 40% Very good This year, as in years past, most participants rated the over- Good/acceptable 30% all business environment as “Good/acceptable”, “Very good” or Needs improvement “Outstanding”. This year that grouping accounts for 83 percent 20% of the participants while a new historical high 17 percent report Poor feeling that the overall business environment as either “Needs 10% improvement” or “Poor”.

0% 2016 2015 2014

Q: Compared to 12 months ago, in your

50% opinion the overall business environ- Improved greatly ment in South China has… 40% Improved

Remained about the same Responses to the question “Compared to 12 months ago, in 30% your opinion the overall business environment in South China Decreased

20% has…” show that majority of the participants feel that the busi- Decreased greatly ness environment either remained about the same or improved

10% somewhat. 6.6 percent felt that the business environment had improved greatly while 23.7 percent felt that it had declined ei-

0% ther somewhat or greatly. 2016 2015 2014

Q: To what extent do you believe China’s economic reforms in the past year (2015) 50% have positively affected your business in To a very great extent South China (including new legislation, 40% To a great extent opening of industries, etc)? To some extent 30%

Not at all This year, almost half of the participating companies report- 20% Don’t know/no basis to judge ed that China’s economic reforms in the past year (2015) to some extent positively affected their operations in South China, 10% and over 30 percent of the participants feel that the China’s eco- nomic reforms positively influenced their operation to a great 0% 2016 2015 2014 extent or a very great extent. The percentage of participants that reported China’s economic reforms didn’t bring any posi- tive effect to their operation at all dropped to 8.9 percent this year, signaling improved sentiment toward China’s economic reforms.

32 The American Chamber of Commerce in South China

5. 华南地区的营商环境

50% 优异 问：您如何评价华南地区的整体 40% 很好 营商环境？

好/可接受 30% 与往年相似，今年大多数受访企业评价华南地区的

有待提高 整体营商环境为“好/可接受”、“很好”、或者“优

20% 异”，今年该比例为83%。然而亦有近17%的受访企业表 差 示营商环境“有待提高”或“差”，这是历史新高。

10%

0% 2016 2015 2014 问：比起12个月前，您认为华南

50% 地区的整体营商环境有……变 很大程度提高 化? 40% 一定程度提高 大多数受访企业在“比起12个月前，您认为华南

保持原有水平 地区的整体营商环境有……变化?”这一问题上大部 30% 分受访企业选择了“保持原有水平”或“一定程度提 一定程度下降 高”。6.6%的受访企业选择“很大程度提高”。然而有 20% 很大程度下降 23.7%的受访企业选择“一定程度下降”或“很大程度 下降”。 10%

0% 2016 2015 2014 问：中国在过去一年（2015年） 的经济改革对贵公司在华南地区 的经营有何种程度的积极影响 50% 很大程度 （改革内容包括新的法律法规、

40% 较大程度 行业开放等）？

一定程度 30% 今年，将近半数的受访企业认为中国在过去一年中 没有影响 （2015年）的经济改革为企业在华南地区的运营带来了一 20% 定程度的积极影响。而超过30%的受访企业则认为中国的 未知/无判断基础 经济改革较大程度或很大程度上积极影响了其在华南地区 10% 的运营。而选择中国的经济改革对企业在华南地区的运营 没有积极影响的受访企业比例则下降至8.9%，这反映了受 0% 2016 2015 2014 访企业对中国的经济改革评价有所提高。

33 2016 Special Report on the State of Business in South China

Q: How much interest would your company have in opening a new office or facility within a Free Trade Zone located in South China? If you plan on opening an office in a Free Trade Zone in South China, which of the following are you likely to choose? China (Guangdong) Pilot Free Trade Zone Nan Sha Area of Guangzhou 30% 80% Uncertain China (Guangdong) Pilot Free Trade Zone 70% Qianhai Area of Shenzhen 25% Great interest China (Guangdong) Pilot Free Trade Zone 60% New Area of Zhuhai 20% A little interest China (Fujian) Pilot Free Trade Zone 50% Fuzhou Area

15% Ambivalent 40% China (Fujian) Pilot Free Trade Zone Xiamen Area

10% Not much interest 30% China (Fujian) Pilot Free Trade Zone Pingtan Area 20% No interest whatsoever 5% 10%

0% 0% 2016 2015 2014

Response to a question measuring interest in Free Trade operation into a Free Trade Zone in South China, vast majority Zone in South China show 38 percent of participants inter- of them are more likely to choose Free Trade Zones in Guang- ested in expanding into such a zone, with 25 percent report- dong. Among the Free Trade Zones in Guangdong, the China ing not much or no interest whatsoever and 36.7 percent either (Guangdong) Pilot Free Trade Zone Nansha Area of Guang- ambivalent or uncertain. zhou ranks top one on the list with a 67 percent voting from the Of those participating companies interested in expanding participating companies.

Q: How do you expect the “One Belt – One Road” Initiative by the Chinese government to affect your company’s revenues? If you expect an increase in your China revenues due to the “One Belt – One Road” Initiative, from what area do you think the increase will come from?

40% United States Not Applicable 50% 35% Other North American countries Uncertain 30% 40% South America 25% Increase greatly Europe 30% 20% Increase somewhat Asia Paci c 15% Remain about the same 20% Other Asian countries 10% Decrease somewhat 10% 5% Africa Decrease greatly 0% Other 0%

When asked about influences of the “One Belt-One Road” Of those participating companies expecting revenue increas- Initiative by the Chinese government on the company revenues, es benefited from the “One Belt-One Road” Initiative, over half 37.5 percent of the participating companies expected their rev- of them expected the increase to come from “Asia Pacific” or enues to either increase somewhat or greatly. 27 percent of the “Other Asian Countries”. 30.5 percent of the participating com- participants feel that their revenue will remain about the same, panies chose “United States” and 13.6 percent see “Europe” as while 23 percent of the participants are uncertain about what where their revenue increases will come from. influence the initiative will have on their revenues.

34 The American Chamber of Commerce in South China

问：贵企业对于在华南地区自由贸易区开办新公司或工厂有多大兴趣？ 如贵企业计划在自由贸易区开办新公司或工厂，则会选择下列哪个 自由贸易区片区？

中国（广东） 自由贸易试验区 广州南沙新区片区 30% 80% 不确定 中国（广东）自由贸易试验区 深圳前海蛇口片区 25% 70% 很大兴趣 中国（广东）自由贸易试验区 60% 珠海横琴新区片区 20% 少许兴趣 中国（福建）自由贸易试验区 50% 福州片区

15% 犹豫不定 40% 中国（福建）自由贸易试验区 厦门片区

10% 不感兴趣 30% 中国（福建）自由贸易试验区 平潭片区 20% 无任何兴趣 5% 10%

0% 0% 2016 2015 2014

针对受访企业在华南地区自由贸易区开办新公司或 在表示有兴趣在自贸区扩大经营的受访企业中，大 工厂的提问，大约38%的受访企业表示有兴趣在自贸区扩 部分企业选择了位于广东的自由贸易试验区，其中最受 大经营，25%的受访企业表示不感兴趣或无任何兴趣。有 受访企业青睐的是“中国（广东）自由贸易试验区广州 36.7%的受访企业则表示犹豫不定或不确定。 南沙新区片区”,选择该片区的受访企业比例达67%。

问：中国政府提出的“一带一路”构想将如何影响贵企业的收入？ 如“一带一路”构想将使贵企业在华收入有所增加，则增加的收入 主要来源于以下哪个国家或地区？

40% 不适用 美国 35% 50% 北美其他国家 不确定 30% 40% 南美 25% 大大增加 欧洲 30% 20% 一定程度增加 亚太地区 15% 保持原有程度 20% 10% 亚洲其他国家 一定程度减少 10% 5% 非洲 大大减少 0% 其他 0%

在“中国政府提出的‘一带一路’构想将如何影响 在预期“一带一路”构想将使企业收入增加的受 企业收入”这一问题上，有37.5%的受访企业预期“一带 访企业当中，过半数的企业预期收入增加来源于“亚太 一路”构想将使企业收入“一定程度增加”或“大大增 地区”或“其他亚洲国家”。有30.5%的受访企业选择 加”。有27%的受访企业则认为企业收入将“保持原有程 了“美国”，13.36%的企业则选择了欧洲作为他们预期 度”，而23%的企业则表示不确定该构想将为企业收入带 的收入增加来源。 来何种影响。

35 2016 Special Report on the State of Business in South China

Q: Is your company involved in or plans on being involved in the new “Cross-Border E- Commerce” initiative by the Chinese government? If your company is involved in or plans on being involved in Cross Border E-Com- merce, where do you expect most of your foreign imports to China come from?

United States 80% Other North American countries 70% No No As Cross-border E-commerce is (16%) Uncertain (19%) developing rapidly in China, we have (34%) No 60% South America (53%) Yes added this question to ask whether the 50% Yes Europe Yes (84%) (81%) participating companies have been or (13%) 40% plan on being involved in the “Cross- Asia Paci c 2016 30% border E-commerce” Initiative by Other Asian countries the Chinese government. Results shows that over half of the 20% Africa participants either haven’t been or are not planing on being 10% involved. We also see 33.7 percent reporting to be “Uncertain” Other 0% about the new initiative. Of those companies have been or plan on being involved in States. Also top on the rank are “Europe” and “Other Asian the “Cross-border E-commerce” Initiative, 61 percent reported Countries” who interestingly exceeded “Asia Pacific” to be a most of their foreign imports to China come from United major destination for foreign imports to China.

Q: In the event of a Bilateral Investment Treaty between the United States and China, how do you anticipate your China investment budget to change?

This year we added a question about influences of the Bi- lateral Investment Treaty (BIT) between the United States and China on the investment budgets of the participating compa- nies. The results indicated that 27.5 percent think their invest- 80% Greater than $250 million ment budgets will increase due to the BIT. 70% Between $50 million and $250 million Of those participating companies anticipating increases in 60% their investment budgets, 8 percent of the participants think Between $10 million and $50 million 50% their budgets will greatly increase with an amount of “Greater 40% Between $1 million and $10 million than $250 million”, while 73.3 percent anticipate the increase to be under $10 million. 30% Less than $1 million

20% Finally, of the small number of participating companies No change anticipating a decrease in their investment budgets, a fully one 10% hundred percent anticipated the decrease will be less than $10 0% million. The results indicate that a majority of the participat- Decrease < No change > Increase 2016 ing companies see the BIT as an opportunity for their business development.

36 The American Chamber of Commerce in South China

问：贵企业是否已参与或计划参与中国政府提出的“跨境电商”新倡议？ 如已参与或计划参与，则贵企业的进口产品主要来源于以下哪个国 家或地区？

美国 80% 北美其他国家 70% No No (16%) 南美 不确定 60% (19%) (34%) 否 跨境电商近年来在国内发展迅 (53%) 50% 欧洲 Yes Yes (84%) 猛，因此我们今年因此增加了相关 是 40% (81%) 亚太地区 (13%) 的问题以了解受访企业是否已经参 30% 与或计划参与中国政府提出的跨境 2016 亚洲其他国家 20% 电商新倡议。结果显示过半数的受 非洲 访企业并未参与或无计划参与该倡议，同时有33.7%的受 10% 其他 访企业选择了“不确定”。 0%

在表示已经参与或者计划参与中国政府提出的跨境 源于美国。“欧洲”和“其他亚洲国家”超过“亚太地 电商新倡议的受访企业中，有61%表示企业的进口产品来 区”成为受访企业的产品进口来源地。

问：中美双边投资协定将如何影响您在中国的投资预算额？

今年我们增加了关于中美双边投资协定对企业投资 预算影响的问题。结果显示27.5%的受访企业认为他们的 投资预算将因此增加。

80% 多于2.5亿美元 70% 在预期企业投资预算将因中美双边投资协定而增 5000万-2.5亿美元 加的企业中，8%的受访企业则认为预算增幅较大，将达 60%

1000万-5000万美元 到“多于2.5亿美元”, 而有73.3%的企业预期投资预算增 50% 幅为少于1000万美元。 40% 100万-1000万美元

30% 少于100万美元 而在预期企业投资预算将因此减少的少数受访企业 20% 中，所有企业均预期投资预算降幅将少于1000万美元。 没有变化 10% 这某种程度上反映了多数受访企业认为中美双边投资协 定对企业发展有积极意义。 0% 缩减 < 没有变化 > 增加 2016

37 2016 Special Report on the State of Business in South China

40% Uncertain Q: A more freely-convertible RMB would 35% Very positively 30% affect your company’s China opera-

25% Somewhat positively tions...

20% Not much

15% Q: A more freely-convertible RMB would Somewhat negatively

10% affect your company’s global opera- Very negatively 5% tions...

0% This is the third year we asked two questions about the convert- 50% Uncertain ibility of the yuan. This year, 52.5 percent of participants indicated that a more freely-convertible yuan would have a positive effect on 40% Very positively their China operations, down from 66 percent last year. A similar Somewhat positively 30% proportion of companies reporting that a more freely-convertible

Not much yuan would have a positive effect on their global operations. In the

20% China contexts, the proportion of companies reporting that a more Somewhat negatively freely-convertible yuan would have a negative effect on their opera-

10% Very negatively tions is about the same as last year, while in the global contexts, the percentage shrank to a near-negligible 1.2 percent. 0%

Q: How do you expect the following developments to affect your business in South China in 2016?

100% Signi cant positive eect 90%

80% Somewhat positive eect

70% Remain about the same

60% Somewhat negative eect 50% Signi cant negative eect 40%

30% Uncertain

20% Not applicable 10%

0%

RMB appreciation Increasing inflation

Tight monetary policies

Economic nationalism in China

Increasing minimum wage standards Other legislative or regulatory changes Economic nationalism in other countries

Protectionist policies in China or other countries

38 The American Chamber of Commerce in South China

40% 不确定 35% 问：人民币更为自由兑换将如何 非常积极的影响 30% 影响贵企业在中国的运营？ 25% 一定程度的积极影响

20% 没什么影响 问：人民币更为自由兑换将如何 15% 一定程度的消极影响 影响贵企业在全球的运营？ 10% 非常消极的影响 5%

0% 今年是第三年我们针对人民币更为自由兑换设置 两个问题。今年有52.5%的受访企业表示人民币更为自 50% 不确定 由兑换将对他们在中国的业务产生积极的影响，比去年 的66%有所下降。相近比例的受访企业表示人民币更为 40% 非常积极的影响 自由兑换将积极影响企业的全球业务。在中国运营层面 一定程度的积极影响 上，表示人民币更为自由兑换将对企业运营产生消极影 30% 响的受访企业比例与去年相似，而在全球运营层面上， 没什么影响 表示人民币更为自由兑换将消极影响企业运营的比例则 20% 一定程度的消极影响 仅为1.2%，几乎可以忽略不计。

10% 非常消极的影响

0%

问：您认为未来的发展将会怎样影响贵企业2016年在华南地区的经营？

100% 很大程度的积极影响 90%

80% 一定程度的积极影响

70% 保持不变 60% 一定程度的消极影响 50% 很大程度的消极影响 40%

30% 不确定

20% 不适用 10%

0%

人民币升值 货币紧缩政策通货膨胀加剧 其他法规变化 中国经济民族主义 最低工资标准提高 其他国家经济民族主义

中国或其他国家保护主义政策

39 2016 Special Report on the State of Business in South China

“Increasing inflation” as in past years, was identified as the appreciation” ranked top on both positive and negative effect, largest projected negative influence on future operations, fol- with a 33.6 percent of participants saw that it would have a lowed by “Increasing minimum wage standards”. For the posi- “Somewhat positive effect” or “Significant positive effect” on tive side, this year again no category achieved a positive rating their business while a slightly higher percentage of participating by a majority of participants. However, interestingly, “RMB companies indicated that it would affect them in a negative way.

Q: In your opinion, what are the top 5 Q: In your opinion, what will be the top challenges that hinder or limit your 5 challenges over the coming 3 years company’s opportunities for growth that will hinder or limit your com- in South China? pany’s opportunities for growth in South China? 1. Local competition 1. Local competition 2. Regulatory issues (Chinese government) 2. Rising labor costs 3. Rising labor costs 3. Regulatory issues (Chinese government) 4. Lack of qualifiable general personnel 4. Lack of qualifiable general personnel 5. Foreign competition 5. Difficulty in market penetration

First year ever, when asked to identify their top business The second and third most common concerns are “Regu- challenges from a list of 14 common issues, participants listed latory issues (Chinese government)” and “Rising labor costs” “Local competition” over “Regulatory issues (Chinese govern- in 1–year timeframe while their rank exchanged in a longer ment, for example: tax, customs, or regulations of industries)” timeframe of 3-year. The fourth most common concern “Lack as their primary concern in both 1-year and 3-year timeframes. of qualifiable general personnel” is identical in both timelines. This somewhat indicated that China’s overall regulatory sys- “Foreign competition”, same as last year, ranked fifth in the tem is improving but still needs more, and the local market to- 1-year timeframe, while “Difficulty in market penetration” this day is more sophisticated and mature as companies feel they are year took the place of “Lack of qualifiable general personnel” last facing more competition in the local market for better products year to rank fifth in the most common concerns in 3-year time- or services. frames, which indicates companies are paying more attention to the market development and future expansion. Q: Has your company made specific preparations for emergency situations, such as a po- tential outbreak of Avian Influenza (“Bird flu”) or an earthquake or other natural disaster?

The proportion of participants reporting some sort of pro- grammatic emergency response preparation has grown for the No fifth consecutive year, reaching 79 percent, up from 48 percent (21%) No in 2012 and 35 percentNo in 2011. (38%) (41%) Yes Yes Yes Similar to last year, descriptions of response schemes pro- (59%) (79%) (62%) vided by study participants included alternate supply chains, backup product lines, earthquake drills, insurance policies, as well as preventative measures such as in-time forecast, hygiene 2016 2015 2014training, and remote work procedures.

40 The American Chamber of Commerce in South China

与往年一样，“通货膨胀加剧”被认为是影响未来 的排名上均位于前列。有33.6%的受访企业认为人民币 运营的最大负面因素，其次是“最低工资标准提高”。 升值将对他们的业务有“一定程度的积极影响”或“很 而在积极因素方面，并无其中某一选项比例特别突出。 大的积极影响”，而亦有略高比例的受访企业认为人民 然而，有趣的是“人民币升值”在负面因素及积极因素 币升值将对他们的业务产生消极影响。

问：在您看来，哪五项挑战会阻 问：在您看来，哪五项在未来三 碍或限制贵公司在华南地区发 年内将会成为阻碍或限制贵公司 展？ 在华南地区发展的主要挑战？

1. 本地竞争 1. 本地竞争 2. 法律法规问题（中国政府，例如: 2. 人力资源成本增加 税收、关税或行业法规） 3. 法律法规问题（中国政府，例如: 3. 人力资源成本增加 税收、关税或行业法规） 4. 缺乏“合格”人才（总体上讲） 4. 缺乏“合格”人才（总体上讲） 5. 国外竞争 5. 市场渗透困难

今年，“本地竞争”有史以来第一次超过“法律法 是“法律法规问题（中国政府，例如：税收、关税、行业 规问题（中国政府，例如：税收、关税或行业法规）” 法规）”以及“人力资源成本增加”。而这两个选项在企 成为受访企业一年及三年内最关注的问题。 业未来三年内最关注问题上的排名却刚好对调。“缺乏‘ 合格人才’（总体上讲）”在未来一年及三年最关注问题 这某程度上表明了中国法律系统有所改善但仍有进 上均名列第四。在未来一年最关注问题上，“国外竞争” 步空间。而日益成熟和完善的本地市场促使企业更关注 今年名列第五，与去年相同。而在未来三年最关注问题 本地竞争，致力于生产更优质的产品及提供更好的服务 上，“市场渗透困难”取代了“缺乏‘合格’人才（总体 以赢得本地市场中的更多份额。 上讲）”名列第五。这表明企业更多关注市场的发展及未 来的扩张。 在未来一年最关注问题上，位列第二、三位的分别

问：贵公司是否对可能发生的紧急情况，比如禽流感爆发、地震或其 他自然灾害做好特别的防范措施？

表示在某种程度上做好应急防范准备的受访企业比 例连续五年上升，今年该比例为79%。该比例在2012年 否 为48%，而在2011年仅为35%。 (21%) 否 否 (38%) (41%) 是 是 是 与去年相似，受访企业列举的防范措施包括准备启 (79%) (62%) (59%) 用应急供应链、后备生产线、地震演习、投资保险产品 以及预防性措施，如及时预报、卫生培训和远程工作流 程准备。 2016 2015 2014

41 2016 Special Report on the State of Business in South China

Q: How would you rate AmCham South China’s 2015 performance on delivering pro- grams and activities that match your expectations and needs?

50% Outstanding This year, 93.8 percent of the participating companies rated AmCham South China’s per- 40% Very good formance as “Good/acceptable”, “Very good” or “Outstanding”. A strong majority of 66 percent Good/acceptable 30% chose the latter two categories.

Needs improvement

20% Poor

10%

0% 2016 2015 2014

Q: In what areas would you recommend future improvements in AmCham’s programs and services? 60% More presentations on relevant topics Identical as last year, the most common ar-

50% eas for improvement this year selected by survey More social activities participants were, in descending order, “More

40% More round table discussions presentations on relevant topics”, “More social activities” and “More round-table discussions”. 30% More lobbying e orts

20% More publications

More services 10%

Other 0% 2016 2015 2014

42 The American Chamber of Commerce in South China

问：在开展项目和举办活动方面，您如何评价华南美国商会2015年的 工作表现？

50% 今年有93.8%的受访企业对华南美国商 优异 会的工作评价为“好/可接受”、“很好”

40% 很好 或“优异”，其中大多数受访企业（66%） 的评价为“很好”或“优异”。 好/可接受 30%

有待提高

20% 差

10%

0% 2016 2015 2014 问：您认为华南美国商会在工作和服务方面还有哪些地方需要提高？

60% 更多相关专题讲座 与往年类似，2015年受访企业表示有待 改进的方面依次是“更多专题讲座”、“更 50% 更多社交活动 多社交活动”、“更多圆桌讨论会”。

40% 更多圆桌讨论会

30% 更多倡导努力

20% 更多出版物

更多服务 10%

其他 0% 2016 2015 2014

43 ECONOMIC OVERVIEW 经 济 概 况 2016 Special Report on the State of Business in South China

1. Introduction to South China Region 2015 Minimum 2015 Minimum The term “South China” immediately brings to mind the Monthly Wage Hourly Wage Delta (PRD) - China’s manufacturing center and Shenzhen RMB2,030 RMB18.5 beating “economic heart.” Broadly defined as including nine cit- Guangzhou RMB1,895 RMB18.3 ies in southeast Guangdong province (Guangzhou, Shenzhen, Zhuhai * RMB1,650 RMB15,8 Dongguan, Foshan, , , , Zhong- Dongguan RMB1,510 RMB14.4 shan and Zhuhai), the PRD’s true centers are to be found in Foshan RMB1,510 RMB14.4 Guangzhou (the provincial capital) and Shenzhen (China’s first Zhongshan RMB1,510 RMB14.4 and most successful special economic zone). Jiangmen RMB1,350 RMB13.3 To think of the PRD only in terms of these cities, however, Huizhou RMB1,350 RMB13.3 would be to ignore the instrumental role in economic devel- Zhaoqing RMB1,350 RMB13.3 opment played by the special administrative regions (SARs) *Zhuhai independently sets minimum wages of Hong Kong and (to a lesser extent) Macau, with which the

cities of Guangdong have long leveraged their proximity. The Closer Economic Partnership Arrangements (CEPA) con- stantial but nevertheless decreasing productivity growth. This cluded in 2003 between Mainland China and Hong Kong and has been a major driver behind the flight of labor-intensive in- Macau, respectively, have phased out tariffs and trade barriers, dustries from China in recent years to lower-cost alternatives liberalized trade in services and boosted trade and investment such as Vietnam. Other factors pulling investment away from in Guangdong. As such, the term “Greater PRD” was coined to the region include China’s increasing emphasis on the service refer to the PRD, Hong Kong and Macau as a group. sector over manufacturing, as well as decreasing industrial land The more remote, less developed (and often more mountain- availability in the PRD. ous) towns of Guangdong province and neighboring provinces Despite this, and spurred by on-going processes of indus- of Fujian, Hainan and the Guangxi Zhuang Autonomous Region trialization, urbanization and marketization, the PRD remains are the final pieces of the South China puzzle. A series of eco- home to a vibrant economy, which the government (at all lev- nomic and infrastructure-focused government policies have been els) is doing its best to reshape. To accomplish this, some lo- designed to better connect the Greater PRD and to improve its cal governments are implementing stricter industry approval links to these adjoining regions. measures, ranging from increased minimum registered capital thresholds (some raised as much as tenfold) to more stringent The PRD Today criteria for total investment or output value per square meter invested. Furthermore, local governments in more heavily- The PRD has long been considered the heart of high-tech invested areas are increasingly refusing to approve investment China, with Shenzhen, Guangzhou and Dongguan (as well as from enterprises in non-capital-intensive, low value-added or Zhuhai and Huizhou) considered as centers for the manufac- environmentally harmful industries, forcing such enterprises to ture of consumer electronics and other high-tech products. The locate elsewhere in the PRD or further inland. Lastly, research PRD hosts direct and indirect production arrangements for a and development, with government support, is also increasing wide variety of goods sold worldwide, offering both original in the region. Together, these trends can be seen as indicative of equipment manufacturing (OEM) and branded goods. The a maturing economy. Shenzhen Stock Exchange is the national leader for high-tech enterprises; China’s leading technology enterprises, including Future Outlook Huawei, Tencent and ZTE, were all founded in Shenzhen. Yet the PRD is a region in transition. In recent years, low “The Outline of the Plan for the Reform and Development of labor costs (once the major attraction of the region) have been the (2008-2020),” put forward by the National increasing rapidly. Minimum labor costs are one measure of Development and Reform Commission (NDRC), describes the this, with Shenzhen as a particularly illuminating example. The PRD region as an experimental area for scientific development city raised its minimum monthly wage by RMB 222 in March and calls for the creation of three super-metropolitan areas, re- 2015, to RMB 2030, making it the highest nationwide . Many spectively, Guangzhou and Foshan, Hong Kong and Shenzhen, other PRD cities raised their minimum wages in 2015 as well. and Macao and Zhuhai. Provided with greater autonomy, the Increasing labor costs stand in contrast to the region’s sub- PRD is expected to be at the forefront of new economic pat-

46 The American Chamber of Commerce in South China

1. 华南地区简介

城市 2015 最低月工资 2015 最低时薪 （人民币） （人民币） 说到华南地区，人们首先想到的是珠江三角洲地区 （珠三角或珠三角经济区）——中国的制造业中心，被 深圳 2,030 18.5 誉为跳动的“经济心脏”。一般来说，珠江三角洲地区 广州 1,895 18.3 包括广东省东南部的九个城市（广州、深圳、东莞、佛 珠海* 1,650 15.8 山、惠州、江门、肇庆、中山和珠海）。其中，广州（ 东莞 1,510 14.4 广东省省会）和深圳（中国首个及最成功的经济特区） 佛山 1,510 14.4 是珠三角地区的两个中心城市。 中山 1,510 14.4 江门 1,350 13.3 然而，如果认为珠三角地区仅包括这些广东城市， 惠州 1,350 13.3 那就会抹煞香港和澳门（影响力次于香港）特别行政区 肇庆 1,350 13.3 对珠三角地区经济发展的重要作用。事实上，毗邻港澳 *珠海市单独设定最低工资标准 一直以来都是广东省各个城市的发展优势。2003年，内 地与香港、澳门特区政府分别签署了《关于建立更紧密 经贸关系的安排》（CEPA），目标是逐步取消关税和 变增长模式，由制造大国向服务大国转型，尤其是珠三 贸易壁垒，逐步实现服务贸易自由化，促进广东的贸易 角地区减少工业用地量，更加让许多投资者把目光投向 和投资便利化。就这样，珠三角、香港和澳门开始被称 中国其他地区以及周边国家。 为“大珠三角地区”。 尽管如此，在工业化、城镇化和市场化的不断推动 广东省欠发达的偏远城镇（多数是山区）、毗邻的 下，珠三角地区经济仍然充满活力。政府（各级政府） 福建省和广西壮族自治区以及南边的海南省也是华南地 也正在致力于转变珠三角地区的经济结构。为实现这一 区的组成部分。为了使大珠三角地区的联系更加紧密并 目标，一些地方政府实行更加严格的审批制度，例如提 增加该地区与周边地区的合作，政府制订了许多政策措 高最低注册资金门槛（有些地区甚至提高了十倍），对 施，以方便发展经济和完善基础设施。 总体投资或每平方米投入产出量提出更加严格的要求。 同时，在吸收投资金额较多的地区，政府往往拒绝批准 不符合资本密集、高附加值、对环境无害等要求的投 今日珠三角 资项目，迫使投资者选择珠三角其他地区或内地省份投 资。最后，在政府的大力支持下，珠三角地区的研究与 珠江三角洲地区一直被认为是中国高科技产品制造 开发也日渐提升。这些趋势都表明，珠三角地区经济越 中心，深圳、广州、东莞、珠海、惠州是生产高科技产 来越成熟。 品的主要城市。珠三角地区直接或间接生产种类繁多的 科技产品销往全球各地，包括原始设备制造（OEM）和 珠三角未来展望 品牌产品—也就是广义上的加工贸易。深圳是全国高科 技产业的领头羊，汇聚了中国高科技龙头企业，例如华 国家发展和改革委员会公布的《珠江三角洲地区改 为、腾讯和中兴通讯公司，其总部都在深圳。 革发展规划纲要（2008-2020）》把珠三角地区称为改 革开放的“试验田”，并提出要在珠三角地区打造以广 然而，珠江三角洲地区正处于转型之中。近年来， 佛、港深、珠澳为中心的三大超级大城市区域。因为拥 低廉的劳动力成本（曾经是该地区的主要吸引力）已经 有更大的自主权，珠三角地区将会成为探索经济发展模 快速上涨。最低工资水平是其中一个衡量标准。以深圳 式，努力实现城乡经济均衡发展的前沿阵地。 市为例，深圳市于2015年3月将最低月工资上调222元至 2030元人民币，名列全国第一。同时，珠三角地区其他 规划纲要同时提出以下目标： 城市也于2015年提高了最低月工资（见右表）。 •• 推进广州、深圳区域金融中心建设，例如成立深 由于中国国内市场还在不断壮大，珠三角地区经 圳证券交易所第二板市场（创业板）以及建设广 济仍然能够持续发展，但是生产力增长速度已经有所放 东金融高新技术服务区。 缓，加上劳动力成本不断增加，很多劳动密集型产业开 •• 通过推进白云空港、宝安空港、广州港、深圳港 始转移到其他国家，例如越南。此外，中国正在逐步改 等一批枢纽型现代物流园区建设，完善与现代物

47 2016 Special Report on the State of Business in South China

terns and achieve balanced economic development between its Economic Development Goals for the PRD (2009, 2012, 2020) urban and rural areas. 2009 2012 2 020 The Plan also includes the following key goals: GDP per capi ta RMB60,000 RMB80,000 RMB1 35,000 GDP from service secto r 50% 53% 6 0% Urbanizatio n 76% 80% 8 5% • Establish financial centers in Guangzhou and Shen - Source: Outline of NDRC Development Plan for the PRD (2008) zhen, as shown by projects such as the second board at the Shenzhen Securities Exchange and construction of the Guangdong Financial and High-tech Services Zone. • Eastern passage between Shenzhen and Hong Kong • Improve infrastructure, and promote Guangdong as a • Express railway from Guangzhou via Shenzhen to world-class logistics center through the construction Hong Kong of several hub-type modern logistics parks, including • Guizhou-Guangzhou coastal railway and - those at Baiyun Airport, Bao’an Airport, Guangzhou Guangzhou railway Port and Shenzhen Port. • Urban rail transit systems in Guangzhou, Shenzhen, • Implement an “outward” strategy, by establishing 10 Foshan and Dongguan native multinational corporations with annual sales • Improvement to the modern functions of ports in revenue of over US$ 20 billion by 2020. Guangzhou, Shenzhen and Zhuhai • Develop a series of specialized conventions and exhibi- • Expansion of Baiyun Airport in Guangzhou tions, including the Guangzhou Export Commodities Fair, Shenzhen High-tech Fair, Zhuhai International Joined by Hong Kong and Macau, the PRD aims to become Aviation and Aerospace Exhibition, Guangzhou Small a globally competitive area for the advanced manufacturing and and Medium-Sized Enterprise Fair and Shenzhen In- modern service industries by 2020, and the most vigorous eco- ternational Cultural Industries Fair. nomic zone in the entire Asia-Pacific region. In the following, • Foster creative industry business clusters, including the we break the region down by provinces/cities. construction of a national base for the software and animation industries. • Increase the innovative capacity of the region to real- ize the transformation from “Made in Guangdong” to “Created by Guangdong” by 2020. • Establish internationally influential brands in Foshan for home appliances and building materials, in Dong- guan for garments, in Zhongshan for lighting and in Jiangmen for papermaking.

To reach these goals in the increasingly overcrowded PRD region, the Guangdong provincial government recently allocat- ed more than 672 billion yuan (US$109.75 billion) to develop rural areas in the province over the next five years. The funds are to specifically focus on infrastructure projects, including a num- ber of new links planned to better connect the greater PRD and integrate it with the pan-PRD area. Major ongoing infrastructure developments include:

• Zhongshan-Shenzhen passage across the Pearl River estuary • Hong Kong-Zhuhai-Macao Bridge (scheduled for completion by 2016)

48 The American Chamber of Commerce in South China

流业相匹配的基础设施，带动广东建设世界一流 珠三角地区经济发展目标 (2009, 2012, 2020) 的物流中心。 2009 2012 2 020 •• 着力向外发展，到2020年，培育10个年销售额超 人均GDP 60,000元 80,000元 135,0 00元 过200亿美元的当地跨国企业。 服务业占GDP比重 50% 53% 6 0% 城市化率 76% 80% 8 5% • 发展一批具有国际影响力的专业会展，包括中国 • 来源： 国家发改委《珠三角地区改革发展规划纲要》（2008） 进出口商品交易会（于广州举办）、中国国际高 新技术成果交易会（于深圳举办）、中国国际航 空航天博览会（于珠海举办）、中国国际中小企 业博览会（于广州举办）、中国（深圳）国际文 化产业博览交易会。 •• 培育一批创意产业集群，加快建设珠江三角洲国 家级软件和动漫产业基地。 •• 加强珠三角地区创新能力建设，到2020年，从“广 东制造”升级为“广东创造”。 •• 打造具有国际影响力的区域品牌，例如佛山家电 和建材、东莞服装、中山灯饰、江门造纸等。

近年来，珠三角地区城市越来越拥挤。为了实现上 述发展目标，广东省政府近期做出决定，在未来五年内 投入6720亿元人民币（1097.5亿美元）发展省内农村地 区，交通设施将是建设重点，其中包括几条连接大珠三 角地区的交通基础线路，以形成完善的泛珠三角地区交 通网络。目前正在建设中的大型项目包括：

•• 中山至深圳跨珠江口通道 •• 香港-珠海-澳门大桥（预计2016年完工） •• 深港东部通道 •• 广深港高速铁路 •• 沿海铁路、贵州至广州铁路、南宁至广州铁路 •• 广州、深圳、佛山、东莞城市轨道交通系统 •• 完善广州、深圳、珠海港的现代化功能 •• 扩建广州白云国际机场

到2020年，珠三角地区将会形成以先进制造业和 现代服务业为主的产业结构，与香港特区和澳门特区一 起，形成全球最具核心竞争力的大都市圈之一，成为亚 太地区最具经济活力的区域。我们将在后文逐一分析。

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2. Guangdong Province

Heart of the PRD nancial Department released its “Overall Plan of Guangdong Province in Establishing an Integrated Experimental Area for Guangdong has the largest regional GDP of China’s prov- Financial Reform and Innovation.” The Plan suggests that add- inces and is the country’s biggest exporter, accounting for more ed value in the financial industry will account for more than 10 than a quarter of China’s total foreign trade. The provincial percent of provincial GDP by 2020. capital, Guangzhou, is the heart of culture. Guang- dong is also home to three out of four of China’s original special The New Guangdong FTZ economic zones - Shenzhen, Zhuhai and Shantou. In terms of commerce, the cities of Guangdong lead not On April 20, 2015, the policy frameworks for the Tianjin, only the PRD but in many cases the country as a whole, with Guangdong and Fujian Free Trade Zones (FTZs) were officially Guangzhou ranking number one in Forbes China’s “Best Cities published by the State Council, along with an updated Nega- for Business 2014” . The city is actively supporting the develop- tive List, which details prohibited or restricted industries for ment of micro, small and medium-sized enterprises, such as via foreign investment in all of the four existing FTZs in China. tax incentives introduced in a November 2012 circular. Geographic Scope Economy The Guangdong FTZ covers an area of 116.2 square kilometers and consists of the three following, pre-existing development Guangdong’s economy is estimated to have grown by 7.8 per- zones: cent in 2014 and reached a GDP output of more than US$1 tril- lion last year according to official statistics released by Guang- • Guangzhou Nansha New Area (including Nansha dong government . If Guangdong were a separate country, it bonded port) would rank as the world’s sixteenth largest economy, behind Major industries: shipping industry, logistics, financial Mexico and Spain, and ahead of Indonesia and the Netherlands. industry, international trade, high-end manufacturing Guangdong is also taking action to shift its focus onto servic- • Shenzhen Qianhai Development Zone es rather than manufacturing. With average wages among the Major industries: financial industry, modern logistics, highest in the country, there is a growing potential to reorient information services, technology services the provincial economy toward domestic consumption rather • Zhuhai Hengqin New Area than exports and cheap labor. Major industries: tourism industry, finance services, The PRDcontributed 85 percent of Guangdong’s economic cultural and education industry, hi-tech industries growth in 2014 through the following leading industrial out- puts: Lifted Restrictions Service Provision between Hong Kong, Macau and Guangdong 1. Communications equipment, computers and • Hong Kong and Macau service providers are now al- other electronic equipment lowed to set up wholly foreign-owned international 2. Electrical machinery & equipment shipping enterprise within the FTZ; 3. Smelting and processing of metals • Hong Kong and Macau service providers are now al- 4. Raw chemical materials and chemical products lowed to set up intermediary service institutions for 5. Automobiles studying abroad at one’s own expenses within the FTZ; 6. Plastics • Hong Kong/Macau-invested travel agencies (capped at 7. Petroleum refining and nuclear fuel processing a number of five, separately) are now allowed to provide 8. Garments and footwear overseas group travel services (with the exception of Tai- 9. General purpose machinery wan); 10. Textiles • Hong Kong/Macau investors are now allowed to provide high-end medical services and launch pilot schemes to Furthermore, the provincial government is also taking steps exchange patients among one another; to advance the financial industry. In 2012, the province’s Fi-

50 The American Chamber of Commerce in South China

2. 广东省

珠三角地区的中心区域 另外，广东省政府正在加紧发展金融业。2012年， 广东省金融工作办公室发布《广东省建设珠江三角洲金 广东省地区国内生产总值在全国各省排名第一，也 融改革创新综合实验区总体方案》。该方案提出，到 是中国出口第一大省，其对外贸易占全国比重超过四分 2020年，金融业增加值将占广东省国内生产总值比重达 之一。省会城市广州是粤语文化中心。全国四个经济特 10%以上。 区中有三个落户广东—深圳、珠海、汕头。 中国（广东）自由贸易试验区（新） 在珠江三角洲地区，广东省各城市不仅在经济上独 领风骚，在其他各个方面也遥遥领先。2014年，广州市 2015年4月20日，中国国务院公开发布广东、天 位列福布斯评选的“中国大陆最佳商业城市”首位。广 津、福建自由贸易试验区的总体方案，以及新的《自贸 州大力支持微型、中小型企业发展，在2012年11月更出 区负面清单》。负面清单详细列明了禁止或限制外商投 台相关的税收激励措施。 资的行业，适用于中国现有的四个自由贸易试验区。

实施范围 经济情况 中国（广东）自由贸易试验区的实施范围为116.2 平方公里，涵盖三个现有的经济开发区： 广东省政府发布的官方数据显示，2014年广东省 经济大约增长了7.8%，国内生产总值大约达到1万亿美 •• 广州南沙新区片区（含广州南沙保税港区） 元。假如广东省是一个国家，其经济总量将名列世界第 重点发展产业：船舶运输、物流、金融业、国际 16位，排在墨西哥和西班牙之后，超过印度尼西亚和荷 贸易、高端制造业等。 兰。广东省也在采取措施促进经济转型，把发展重点从 •• 深圳前海蛇口片区 制造业转移到服务业。由于人均工资在全国位居前列， 重点发展产业：金融业、现代物流、信息服务 广东省将会越来越重视推动国内消费，减少经济对出口 科技服务等。 和廉价劳动力的依赖。 •• 珠海横琴新区片区 重点发展产业：旅游休闲、金融服务、文化科 2014年，珠江三角洲地区的经济总量在广东省经济 教、高新技术等。 的比重达到85%，工业产值排名前十的行业包括： 放宽外商投资限制 1. 通信设备、计算机及其他电子设备制造 粤港澳服务贸易自由化 •• 允许港澳服务提供者在自贸试验区设立独资国际 2. 电子机械设备制造 船舶运输企业。 •• 允许港澳服务提供者在自贸试验区设立自费出国 3. 金属冶炼及压延加工 留学中介服务机构。 •• 允许在自贸试验区设立的港澳资旅行社（各限5 4. 化工原料及化工产品 家）经营内地居民出国（境）（不包括台湾地 区）团队旅游业务。 5. 汽车工业 •• 允许港澳服务提供者发展高端医疗服务，开展粤 港澳医疗机构转诊合作试点。 6. 塑料制品 船舶运输 7. 石油炼制及核燃料加工 •• 允许设立外商独资国际船舶管理企业。 •• 放宽在自贸试验区设立的中外合资、中外合作国 8. 服装和鞋类 际船舶企业的外资股比限制：国际船舶代理机构 的外方持股比例放宽至51%。 9. 通用设备制造 广东省政府拥有审批外资经营船舶管理业务企业的 10. 纺织业 许可权限。

51 2016 Special Report on the State of Business in South China

Shipping • Wholly foreign-owned international shipping manage- • Guangzhou is a city of 13 million people and the na- ment enterprises is now allowed. tion’s third-largest metropolitan economy; • The limit on the number of shares a foreign entity may • In 2014, regional GDP totaled RMB1.671 trillion, now own in an international shipping enterprise is ranking third in the country, trailing Shanghai and raised: a foreign entity may hold up to 51 percent of Beijing; shares in an international shipping agency. • Among the highest in the country, average monthly wages in Guangzhou grew to RMB 6830 in 2014. The Guangdong local government will take charge of the Guangzhou’s monthly minimum wage rose by 22.3 approval procedures for foreign-invested enterprises (FIEs) en- percent from RMB 1550 to RMB 1895 in 2014 – gaging in international shipping management business. the second highest in the province behind Shenzhen. Meanwhile, the city’s minimum hourly wage increased Further Opening-up of the Financial Services Sector from RMB15 to RMB18.3. • Enterprises and financial institutions in the FTZ may now borrow RMB funds from overseas lenders. Guangdong’s strength in foreign trade is evident in the fol- • Parent company based in Hong Kong or Macau with lowing figures (from Guangdong Statistical Yearbook 2014): a subsidiary in the FTZ may issue RMB-denominated bonds in China. • Total exports rose to US$646.2 billion by 1.5 percent • Non-banking financial institutions located in the FTZ year-on-year may now conduct cross-border RMB settlements. • Although imports had to face a 5.5% decrease in 2014, • Eligible foreign financial institutions may now set up Guangdong realized an import value of US$ 430.5 bil- foreign-owned banks within the FTZ; and Qualified lion. Foreign Financial Institutions may set up banking joint • Nevertheless, Guangdong province was still ranked top ventures with Chinese enterprises, within the FTZ. for both export and import values nation-wide. • Eligible insurance companies and insurance intermedi- ary institutions that are based in Hong Kong or Macau In particular, trade between Guangdong and newly emerg- can now set up branches in the FTZ. ing markets including Latin America, the Middle East and Af- • Commercial banks are encouraged to set up institutions rica has increased greatly in recent years. in the FTZ to conduct offshore foreign currency activi- The Outline of Guangdong’s 12th Five Year Plan, current ties. for 2011-2015, includes the following goals: • Eligible investors from Hong Kong or Macau operating non-financial institutions in the FTZ may now provide • Optimize the province’s industry structure such that third party payment services. the service industry occupies 48 percent of all enter- • Eligible institutions registered Hong Kong or Macau may prises by 2015. In addition, the Plan aims to increase the now set up financial leasing companies in the FTZ. ratio of the value added by modern service industries to 60 percent of value added for the whole of the service in- Tax Policies dustry. The key modern service industries to be promot- The Plan states that the tax incentives implemented in the ed are: finance and insurance, modern logistics, informa- Shenzhen Qianhai Development Zone and Zhuhai Hengqin tion services, science and technology services, business New Area shall not apply to the other parts of the Guangdong exhibitions and the ‘headquarters economy’, among oth- FTZ. ers. In addition, emerging service industries such as the creative industry, services outsourcing, human resources Spotlight on Guangzhou’s Changing Identity services and high-tech services will be actively promoted. Traditionally considered a manufacturing base, Guangzhou • Significantly improve the province’s innovative capac- is increasingly being recognized for its growing amount of do- ity, and become an important innovation center in the mestic consumption. From 2012, total retail sales in the city Asia-Pacific region by 2015. In this regard, the Plan increased by 28.8 percent and reached RMB769.785 billion in aims to introduce a wave of high-level technological in- 2014 . This enabled Guangzhou to take the top spot on Forbes novative talent from abroad. China’s “Best Cities for Business” in 2014. Growth in retail sales • Transform the PRD into a domestic as well as interna- is largely being fueled by Guangzhou’s large population and tional consumer service center for a large number of high wages, as well as its efficient infrastructure. trend-setting products and with strengthened supervi-

52 The American Chamber of Commerce in South China

进一步开放金融服务业 •• 广东省进出口总值在全国仍然名列前茅。 •• 允许自贸试验区银行业金融机构和企业从港澳及 值得一提的是，广东与新兴市场包括拉丁美洲、中 国外借用人民币资金。 东地区以及非洲的贸易往来在近年增长迅速。 •• 允许自贸试验区内港澳资企业的境外母公司按规 定在境内资本市场发行人民币债券。 广东省“十二五”规划提出在2011-2015年期间实 •• 允许自贸试验区非银行业金融机构开展与港澳地 现以下目标： 区跨境人民币业务。 •• 允许符合条件的外国金融机构在自贸试验区设立 •• 产业结构优化升级，到2015年服务业比重达到 外商独资银行；允许符合条件的外国金融机构与 48%。此外，“十二五”规划提出推进现代服 中国公司、企业出资共同在自贸试验区设立中外 务业发展的目标，把现代服务业增加值占服 合资银行。 务业增加值比重提高至60%。重点发展的现代 •• 允许符合条件的港澳保险公司和保险中介机构在 服务业包括金融保险、现代物流、信息服务、 自贸试验区设立分支机构。 科技服务、商务会展、总部经济等。另外，要 •• 支持商业银行在自贸试验区内设立机构开展外币 培育发展新兴服务业，例如创意产业、服务外 离岸业务。 包、人力资源服务和高技术服务等。 •• 允许自贸试验区内注册设立的港澳非金融机构， •• 大力提高创新能力，到2015年初步建成亚太地 在符合相关政策和资质条件的前提下从事第三方 区重要的区域创新中心。在这方面，“十二 支付业务。 五”规划提出从海外引进一定数量的高层次科 •• 允许符合条件的港澳地区机构在自贸试验区内设 技创新人才。 立金融租赁公司。 •• 把珠三角建设成为面向国内外的消费服务中 心，不断丰富消费品种，引领消费潮流，加强 税收政策 对消费市场的质量和价格监管，依法保护消费 根据《总体方案》，深圳前海深港现代服务业合作 者的合法权益。 区、珠海横琴新区的税收优惠政策不适用于广东自贸试 •• 加快珠三角地区经济一体化，提高区域整体竞 验区内其他区域。 争力。包括交通系统、基础设施、城乡规划、 工业布局、环境保护和公共服务一体化。 •• 加强环境保护，加大水污染整治力度，改善大 聚焦广州改变定位 气环境质量，提高固体废弃物安全处置水平。 •• 推动低碳发展，改善控制温室气体排放体制机制。 以往人们认为广州是华南地区的制造业基地，如 •• 优化高效信息网络体系。“十二五”规划提 今广州更因为消费日益增长而备受瞩目。2012年，广州 出，到2015年，广东省全省信息化程度实现中 地区消费品零售总额达到7697.85亿元人民币，比上年 等发达国家水平，其中一项指标是全省互联网 增长28.8%，使广州成为“2014年福布斯中国大陆最佳 普及率在2015年达到70%以上。 商业城市”之首。广州庞大的人口数量，较高的工资水 •• 调节收入差距，扩大中等收入者比重，提高最 平，高效的基础设施大大拉动了零售额的增长。 低工资水平，到2015年，珠三角各市的最低工 资标准达到当地职工平均工资的40%以上。 •• 广州市人口达1300万，是中国第三大经济城市。 •• 提高全省社会保险制度和医疗服务水平。 •• 2014年，广州市国内生产总值为1.671万亿元人 •• 加快教育国际化进程，引进几所国际知名大学 民币，排名全国第三，仅次于上海和北京。 到广州、深圳、珠海、东莞、佛山等城市合作 •• 2014年，广州市平均月收入超过6830元人民币， 举办高等教育机构。 在全国名列前茅。2014年，广州市最低月工资从 •• 深入落实内地与港澳建立更紧密经贸关系安排 1550元上升至1895元，增幅达到22.3%，在全国 （CEPA）加强与港澳地区的合作。在金融领 排名第二，仅次于深圳。同时，广州市最低时薪 域建设以香港金融体系为龙头、珠三角城市金 将从15元上升至18.3元。 融资源和服务为支撑的金融合作区域。为了加 强香港和内地在服务业的合作，促进两地经济 以下数据体现了广东在对外贸易方面的强大实力（引 进一步发展，中国中央政府和香港特别行政区 自《广东2014年统计年鉴》） 政府签署《<内地与香港关于建设更紧密经贸 关系的安排>补充协议十》，该协议于2013年1 •• 出口总值达到6462亿美元，同比增长1.5%。 月正式实施。 •• 2014年，进口总值同比下降了5.5%。虽然如此， •• 提升经济国际化水平，优化利用外资结构。鼓 广东省当年的进口总值仍达到4305亿美元。 励外资投向高端制造业、新高技术产业、现代

53 2016 Special Report on the State of Business in South China

sion of both product quality and prices in order to bet- establish venture capital enterprises, private equity invest- ter protect consumer interests. ment funds and invest in enterprises within the province. • Promote integration of PRD’s economy and improve • Establish proper commercial dispute resolution mech- its competitiveness. This includes integrating the trans- anisms and improve legal systems to create a fair and portation systems, infrastructure, urban and rural plan- orderly environment for market competition, condu- ning, industry layout, environmental protection and cive to the internationalization of the economy. public services in the region. • Strengthen environmental protection through increas- The Outline of Guangdong’s 13th Five Year Plan is currently ing water pollution control, improving air quality and under discussion, but has not yet been released. improving the standards for safe disposal and treat- ment of solid waste. Spotlight on Shenzhen Government Innovation • Promote low-carbon development in the province and Shenzhen’s government has taken the lead on a number of improve its mechanism for controlling emissions of new initiatives to become the national leader in innovation and greenhouse gases. private enterprise growth. The city has experienced rapid pri- • Optimize the province’s high-efficiency information vate economic growth, spawning about 450,000 private com- network system. The Plan aims to achieve the standards panies, including international giantssuch as Huawei Technolo- of a mid-level developed country in terms of IT infra- gies Co Ltd, Tencent Holdings Ltd, China Vanke Co Ltd and structure throughout the entire province by 2015. This BYD. Available incentives include a recent VAT and business includes reaching an internet penetration rate of 70 per- tax exemption policy for small and micro-sized enterprises. The cent by 2015. government has also adopted specific measures in terms of equi- • Adjust income inequality by expanding the ratio of ty investment incentives, e-commerce promotion and the intro- mid-income residents and raising the minimum wages duction of electric vehicles. Lastly, as part of a pilot program to in various cities in the PRD to above 40 percent of the curb emissions of key pollutants and clean up the environment, local average salaries by 2015. foreign investors are now permitted to trade carbon permits in • Improve the social insurance system and medical ser- Shenzhen. vice standards in the province. • Improve internationalization of education by inviting Equity Investment Incentives several internationally reputed schools to Guangzhou, Private equity (PE) investment has emerged as one of the Shenzhen, Zhuhai, Dongguan, Foshan and other cities most important capital-raising avenues for small and medium- to jointly establish higher education institutions. sized enterprises. Recognizing this, the Shenzhen government • Deepen cooperation with Hong Kong and Macau has become one of several coastal city administrations to offer under the CEPA. In finance, efforts will involve build- further incentives to equity investment enterprises. The city has ing a hub for financial cooperation to be led by Hong established a PE Development Fund (PEDF) and clarified op- Kong and with PRD cities providing support through eration procedures for PE funds that intend to apply for finan- their own financial resources and services. To further cial support from the PEDF. Incentives offered to PE funds in- enhance services industry cooperation and growth be- clude: rewards for local financial contributions, office purchase tween Hong Kong and Mainland China, the two signed and rental subsidies, one-time settlement rewards, and one-time the Tenth Supplement to the Mainland and Hong Kong rewards for investment withdrawal. Closer Economic Partnership Arrangement (CEPA), ef- fective January 2013. E-Commerce Promotion • Internationalize the province’s economy and optimize In September 2009, Shenzhen was approved by China’s its structure of FDI utilization. Foreign investment is NDRC and Ministry of Commerce (MOFCOM) to become encouraged in the following industries: high-end manu- China’s first “e-commerce model city”. In addition to streamlin- facturing, high- and new-technology, modern services, ing registration processes for e-commerce companies, the city has new energy, and energy efficiency and environmental made other efforts to promote the development of e-commerce. protection. The key focus will be on attracting investment One example is the building of dedicated industrial parks, such as from Global Fortune 500 companies and leading enter- Futian International E-commerce Industrial Park, which opened prises in various industries, and strengthening coopera- in 2009 and houses more than 150 internet and e-commerce tion with developed countries such as the U.S., Japan and companies. European countries in terms of business, trading, technol- One state-level project being developed in Shenzhen is the ogy and culture. Foreign investors are also encouraged to Qianhai Shenzhen-Hong Kong Modern Services Cooperation

54 The American Chamber of Commerce in South China

服务业、新能源和节能环保产业。重点吸引全 持下，香港和内地联合开发前海现代服务业合作区，将 球500强企业和行业龙头企业投资，加强与美 前海区打造成为香港与内地紧密合作的先导区，推进两 国、日本、欧洲等发达国家在经济、贸易、科 地在金融、物流和信息技术服务业的紧密合作。前海区 技、文化等方面的合作。鼓励外商投资设立创 位于深圳西部，面积不到20平方公里，预计到2020年该 业投资企业、私募股权投资基金等，投资省内 区国内生产总值将达到1500亿元人民币。 企业。 •• 建立规范的商业纠纷解决机制，完善法律制 前海区提出了多个发展目标，包括成为中国金融业 度，创造公平有序、有利于提高国际化水平的 对外开放的试验田，并实行特殊的先行先试政策，其中 市场竞争环境。 包括：

广东省“十三五”规划目前仍在讨论中，尚未对外 •• 允许前海探索拓宽境外人民币资金回流渠道， 公布。 构建跨境人民币业务创新试验区； •• 支持设立在前海的银行机构发放境外项目人民 聚焦深圳政府创新 币贷款； •• 在《内地与香港关于建立更紧密经贸关系的安 深圳市政府已经率先实行一系列改革政策，其创新 排》（CEPA）框架下，积极研究香港银行机构 项目和民营企业发展在全国遥遥领先。深圳市民营经济 对设立在前海的企业或项目发放人民币贷款； 增长较快，目前民营企业数量达到45万家，其中包括行 •• 支持在前海注册、符合条件的企业和金融机构 业国际巨头华为技术有限公司、腾讯控股有限公司、中 在国务院批准的额度范围内在香港发行人民币 国万科企业股份有限公司和比亚迪股份有限公司等。为 债券，用于支持前海开发建设； 了鼓励发展民营经济，政府决定对小型和微型企业免除 •• 支持外资股权投资基金在前海创新发展，积极 增值税和营业税。此外，深圳市政府还提出具体措施， 探索外资股权投资企业在资本金结汇、投资、 促进特区各行业发展，包括激励股权投资、促进电子商 基金管理等方面的新模式； 务、推广电动车等。最后，为减少污染物排放量，净化 •• 支持香港金融机构和其他境内外金融机构在 环境，外国投资者亦被允许参与到深圳碳排放权的交易 前海设立国际性或全国性管理总部、业务运 业务中。 营总部。

激励股权投资 此外，符合条件的前海企业享受以减额15%的税率 私募股权投资已经成为中小企业最重要的融资渠道 缴纳企业所得税。为了提高投资者对前海的信心，政府 之一，所以沿海地区多个地方政府为私募股权投资提供 明确提出计划，设立香港仲裁机构在前海的分支机构。 进一步激励政策，深圳也在此之列。深圳市成立私募股 为吸引外国人才，特别是对于来自香港的金融领域的人 权发展基金（PEDF），并在最近进一步明确私募股权 才，对于生活与工作在前海的外国人士将享受个人所得 基金公司向PEDF申请获取资金支持的操作程序。私募 税15%税率的减免。2013年4月，深圳市政府正式宣布， 股权投资的激励政策包括：本地金融贡献奖励，办公场 前海合作区内的金融、现代物流、信息服务、科技服务 所购置补贴，办公场所租赁补贴，一次性支付奖励，一 及其他专业服务四大产业，可以获得专项资金支持。 次性撤资奖励等。 前海区也被称为“珠三角地区产业升级的引领区”。 促进电子商务 为了改善投资环境，吸引“新一轮”外商直接投资，前海 2009年，经中国国家发改委和商务部批准，深圳市 区实行的优惠政策，未来将会扩大到广东省其他经济区， 成为国家首个电子商务示范城市。除了放宽电子商务公 例如珠海市的横琴岛和广州市南端的南沙港，最后在全国 司注册条件之外，深圳市采取了其他方法促进电子商务 各大经济区域施行。 的发展，其中之一是建设电子商务工业园，例如2009年 开始启用的福田国际电子商务产业园，现在该产业园已 经有超过150家互联网和电子商务企业进驻。

目前，深圳市正在发展国家级项目“前海港深现 代服务业合作区”，该项目于2012年6月获得国务院批 准。截至2015年1月，在该合作区注册的企业已达21666 家，注册资产总值达到1.372万亿人民币。在国务院支

55 2016 Special Report on the State of Business in South China

Zone, approved by the State Council in June 2012. By the end centives that are likely to be extended to the other areas in Guang- of January 2015, a total of 21,666 companies with a combined dong Province in the near future. This is designed to extract the registered capital of RMB 1372 billion had already registered in ‘next wave’ of FDI in areas such as Hengqing Island near Zhuhai the zone. A joint venture between Hong Kong and Mainland and Nansha Port near Guangzhou, and if successful may eventu- China, and supported by the State Council, the Qianhai Zone ally be instituted nationwide. is designed as an experimental business zone for better interac- tion between the two jurisdictions’ financial, logistics, and IT services sectors. It covers slightly less than 20 square kilometers on the western side of Shenzhen, and is expected to achieve a GDP of RMB150 billion by 2020.

Among its many goals, the Qianhai Zone will serve as a pilot area for the liberalization of China’s financial sector as a whole, including preferential policies such as:

• Allowing the Qianhai Zone to explore the expansion of offshore RMB flow-back channels, and establish an inno- vative experimental zone for cross-border RMB transac- tions; • Supporting the granting of RMB loans for offshore proj- ects by banking institutions established in Qianhai; • Under the CEPA framework, conducting studies on the granting of RMB loans by Hong Kong-based banking institutions for enterprises and projects established in Qianhai; • Supporting qualified enterprises and financial institutions registered in Qianhai to issue RMB bonds in Hong Kong within the quotas approved by the State Council to sup- port the development of Qianhai; • Supporting the innovative development of foreign-invest- ed equity investment funds, and actively exploring new modes of foreign exchange settlements of capital funds, investments and fund management; and • Supporting the establishment of international or national management headquarters or business operation head- quarters by Hong Kong and other onshore and offshore financial institutions.

Qualifying enterprises will be entitled to a reduced corpo- rate income tax rate of 15 percent, and to increase investor con- fidence in the area, the government has stated plans to explore the establishment of branches of Hong Kong arbitration institu- tions in Qianhai. To attract foreign talent, especially financial sector employees from Hong Kong, the zone offers a special 15 percent salary tax rate for foreign nationals living or working in Qianhai. In April 2013 the municipal government announced four industries–finance, modern logistics, information services, and related industries operating within the zone–that are eli- gible for special funding. Identified as “an area for spearheading industrial restructuring in the Pearl River Delta region,” the Qianhai Zone provides in-

56 The American Chamber of Commerce in South China

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57 2016 Special Report on the State of Business in South China

3. Fujian Province

Cross-Strait Trade Hub 2013Fujian’s Major Industrial Produc ts National Rank (total 30 provinces/municipalities )

Directly facing Taiwan, Fujian’s coastline provides easy ac- Produc t National Rank

cess to cross-strait trade and business. The province used to be Chemical Fib er 3 the sole hub for all air and sea transportation to Taiwan, but Televisions 3 several years ago the government began permitting direct links Cloth 6 with other parts of the country, following which Guangdong Paper and Jiangsu surpassed Fujian in terms of attracting investment Hydropow er 8 from Taiwan. Nonetheless, Fujian stands to gain the most from Microcomputer Equipment 6 the continuing improvement of cross-strait relations, both Mobile Telephone 8 economically and in terms of its importance to the state gov- Beer 10 ernment. The main economic engines in Fujian are Xiamen, Source: National Data(Official website of NBS) Fuzhou, Quanzhou, Zhangzhou and Putian. There are also a number of less well-known economic gems hidden throughout A prime example of an equipment manufacturer headquar- the province. tered in Fujian is Lonking Holdings, one of the largest construc- tion machinery manufacturers in China (making and distribut- Economy ing loaders, road rollers, excavators and forklifts). In late 2011, the company invested RMB3.5 billion in an excavator manu- The economies of Fujian and Taiwan are closely related and facturing line in the Longyan Economic Development Zone. complementary – with the pillar industries of both regions The project is estimated to produce 15,000 excavators annually. consisting of electronics, petrochemicals and machinery. If To fuel such industry, Fujian province has taken measures to this favorable economic factor can be properly utilized, gains promote energy production. For example, a household waste- from the increased trade between the two regions could ben- fuelled power plant in Fuqing city was completed and entered efit both sides amid the ongoing global economic downturn. operation in 2011. In May 2013, the capital city of the province – Fuzhou – set up The provincial government focuses on attracting foreign in- an administration office to handle the certification of origin for vestment in 13 industries, namely electronics and information goods made in Taiwan. technology, machinery, petrochemicals, steel and non-ferrous In June 2012, China’s State Administration of Industry and metals, shipbuilding, new energy, bio-pharmaceuticals (tradi- Commerce issued 16 new policies to promote the development tional Chinese medicine), logistics, new materials, construction of the region and strengthen its bond with Taiwan. The new poli- materials and textiles. Other key industries in the province in- cies empowered local offices to directly handle registration appli- clude aquaculture and fisheries. cations and other business-related licenses for enterprises funded with overseas capital, rather than going through the Beijing office, Spotlight on Xiamen and thereby making it more convenient for Taiwanese enterpris- While Fuzhou is the capital of Fujian province, Xiamen is es to gain market access. Additionally, the new policies allowed one of China’s four original special economic zones (along with Taiwan-funded enterprises to use traditional Chinese characters Guangzhou province’s Shenzhen, Zhuhai and Shantou) and a on outdoor advertisements and register company names with Tai- key trade hub – its port and airport are both the third busiest in wanese idioms. All these measures were aimed to reduce the com- the region, behind Guangzhou and Shenzhen. mercial costs to Taiwan-funded enterprises and help to attract The import and export volume connected to trade conducted more large-scale companies and projects to Pingtan. by foreign-invested enterprises takes up more than half of the total Historically, Fujian’s key industries have been agriculture, volume in Xiamen, which in turn occupies more than half of the footwear and clothing, but in recent years the area has increas- total import and export volume of the entire province. These pro- ingly focused on high-tech and electronic goods. Fujian’s indus- vide opportunities for service outsourcing enterprises in Xiamen to trial clusters have become stronger in electronic information, open up their overseas markets. equipment manufacturing and petrochemicals, with these in- Xiamen’s more prominent service outsourcing businesses in- dustries accounting for more than 60 percent of total industrial clude information technology service outsourcing targeted to- output value. wards the Japanese market, logistics and supply chain outsourc-

58 The American Chamber of Commerce in South China

3. 福建省

海峡两岸贸易中心 2013年福建省主要工业产品 全国排名（共30个省/直辖市）

福建省位于东南沿海，海岸线直接面对台湾，两岸 产品 全国排名

经济贸易来往非常方便。福建省曾经是大陆与台湾海空 化学纤维 3 两路交通的唯一枢纽，但在几年前政府开始允许大陆其 电视机 3 他地区与台湾直接交通往来，在吸收台湾投资方面，广 布匹 6 东省和江苏省已经超越福建省。虽然如此，随着海峡两 纸品 岸关系日益改善，福建从经济上获益最大，同时也得到 水力发电量 8 中央政府的充分关注。福建省的主要经济发展动力来自 微型计算机设备 6 厦门、福州、泉州、漳州和莆田。近年来，福建省也涌 移动电话 8 现出不少后起之秀. 啤酒 10 来源：国家数据（中国国家统计局官方网站）

经济情况 福建省政府主要集中精力吸引外资投资13个行业， 福建经济和台湾经济关系密切，有着很强的互补 包括电子和信息技术、机械设备、石油化工、钢铁和有 色金属、造船、新能源、生物医药（中医药）、物流、 性——两个地区的支柱产业都包括电子产品、石油化工 和机械制造。目前全球经济持续衰退，如果充分利用这 新材料、建筑材料以及纺织品。本省其他行业还有水产 一有利的经济因素，加强两地贸易往来，将会为双方带 养殖和渔业。 来巨大收益。2013年5月，福建省会城市福州设立台湾 商品原产地证明办公室。 聚焦厦门

2012年6月，中国国家工商行政管理总局出台16条 福州是福建省省会城市，而厦门市则是福建省重要 政策措施，以推动福建地区经济发展，加强该地区与台 的贸易枢纽，也是中国四个经济特区之一（其他三个特 湾地区的联系。新政策授予当地工商部门直接处理外商 区是广东省的深圳市、珠海市和汕头市）。厦门港和厦 投资企业注册登记和其他商业许可的权力，无需再通过 门机场是全国第三大最繁忙的港口及机场，仅次于广州 国家工商总局北京办公室办理，为台湾企业进入福建市 新白云国际机场和深圳宝安机场。 场提供更多便利。此外，新政策允许台资企业在户外广 告发布中使用繁体中文及在企业名称中使台湾地区习惯 厦门外资企业进出口贸易总量占该市进出口总量的 用语。这些政策有利于台资企业降低经营成本，吸引更 一半以上，也占福建省进出口总量半数以上。厦门雄厚的 多大企业和项目进驻平潭地区。 外资为当地服务外包企业提供了开拓海外市场的良机。

福建省以往的支柱产业包括农业、制鞋业和服装 厦门较重要的服务外包业务有：针对日本市场的信 业。近年来，随着高技术电子产品的不断发展，福建省 息技术服务外包、针对台湾市场的物流和供应链外包、 工业集群越来越集中于电子信息、设备制造和石油化 集成电路设计、动漫游戏以及呼叫中心服务外包业务。 工，这些产业在工业总产值的比重超过60%。 福建省政府一直坚持促进新兴产业发展的政策，包 福建省设备制造产业的典型代表当属中国龙工控股 括新一代信息技术、生物和新医药、新材料、新能源、 有限公司，是中国最大的建筑机械制造商之一（专营装载 节能环保、高端装备制造以及海洋高新产业。到2015 机、压路机、挖掘机、叉车等产品的生产与销售）。2011 年，省政府计划提高新兴产业总产值到3000亿元人民 年底，该公司在龙岩经济开发区投资建设的挖掘机生产线 币，占全省生产总值比重12%。 建成投产，项目总投资35亿元人民币，预计年产能1.5万 台挖掘机。 目前，福建省正大力推动海洋经济，以此作为福 建经济增长的新动力。2013年，福建省将全面启动海洋 为了支持设备制造产业的发展，福建省政府积极推 经济试点项目，预计到2015年，福建省海洋生产总值达 进电力生产。例如，政府在福清市规划建设的生活垃圾 到7300亿元人民币，占全省地区生产总值的28%以上， 焚烧发电厂已经在2011年完工并投入运行。 到2020年全面建成海洋经济强省。此外，福建省将完善

59 2016 Special Report on the State of Business in South China

ing, as well as integrated circuit design, animated games and call Much of the Plan’s focus is placed on cooperation with Tai- center service outsourcing businesses targeted towards Taiwan. wan, for example in modern services such as the legal, interme- The Fujian provincial government has a standing policy to diary, medical and health, cultural, service outsourcing, com- promote the development of emerging industries, including mercial exhibition, shipping and logistics and R&D industries. next-generation information technology, biotechnology and The Plan encourages the introduction of Taiwanese hospitals, new medicine, new materials, new energy, energy-saving tech- rehabilitation centers and retirement homes to Fujian, and Tai- nology, high-end equipment manufacturing, and the marine wanese residents are encouraged to start businesses and partici- high-tech industry. By 2015, the provincial government aims to pate in politics in Fujian. increase the value of emerging industries to RMB300 billion, ac- Fujian’s import/export value grew by 4.8 percent to counting for 12 percent of Fujian’s GDP. US$177.50 billion in 2014. Exports reachedUS$113.46 bil- The province is now vigorously promoting the marine lion while imports reached US$64.04 billion, increased by 6.6 economy as its new growth engine. Fujian initiated related pilot percent and 1.9 percentres pectively. For 2014, trade volume projects in 2013, targeting a total output value of the industry is expected to grow by 6 percent, and foreign investment by 6 of RMB730 billion by 2015. If achieved, this would contribute percent . more than 28 percent of total regional product and turn the province into a marine economic powerhouse by 2020. The Spotlight on Development Zones province is also set to improve the organization of its ports and Fujian’s development zones received great attention under optimize resource allocation. The province’s coastal resources China’s 11th Five Year Plan, in which the State Council approved for building deep water berths of 10,000 tons to 30,000 tons free trade port zones both in Xiamen and Fuzhou and upgraded rank first in the country; this is planned as the basis for an ambi- three provincial development zones - China Merchants Zhang- tious move to turn Fujian an internationally competitive ship- zhou Development Zone, Quanzhou Economic and Techno- ping center. To this end, the provincial government has plans to logical Development Zone, Quanzhou High-tech Industrial establish a special fund of RMB1 billion for the development of Development Zone - to state level status. marine economy. Fujian’s development zones are also representative of the Fujian’s 12th Five-Year Plan encourages foreign investment province’s economy as a whole. For example, the province’s in newly emerging strategic industries, modern services, energy development zones include three state-level investment zones conservation and environmental protection, and other key in- specifically aimed at Taiwanese businesses, located in Fuzhou, dustries. The Plan also aims to: Quanzhou and Zhangzhou. Auto-parts are a major product in Fujian province and this is no more clearly seen than in • Increase cooperation with large international corporations Hua’an Economic Development Zone, which is home to the through technological cooperation and asset M&As; “aluminium wheel production project.” According to Fujian • Optimize the structure of exported products by encourag- government plans, this zone will develop an auto spare parts ing the export of high-tech, electrical and mechanical prod- industrial cluster that produces car wheels, car bearings, tyresas ucts with independent IPR, as well as high added-value well as auto glass products, among others. In addition, several labor-intensive products; new-energy vehicles and fork-lift trucks manufacturers will also • Promote the accelerated transformation and upgrading of be housed in the area. the processing trade, and encourage domestic and foreign The West Coast Economic Zone (also known as the West- enterprises to cooperate in the expansion from simple as- ern Taiwan Straits Economic Zone) covers the entirety of Fujian sembly and processing to the inclusion of R&D, design, province, as well as several cities in the Zhejiang, Guangdong, core component manufacturing, and logistics; and Jiangxi provinces. The Zone, described in China’s 12th Five • Restrict the export of high-energy consumption, high-pol- Year Plan, was proposed by the Fujian government and Chinese lution and resource-intensive products; central government with the purpose of facilitating political and • Encourage the import of advanced equipment and technol- economic relationships across the Taiwan Straits and acceler- ogies, important resources, key component parts and goods ating economic development along the coastal cities in Fujian for daily consumption that are necessary for economic de- province. velopment so as to optimize the province’s import structure; • Strengthen the certification of enterprises and products en- tering the global market; and • Expand cooperation with Hong Kong and encourage Hong Kong financial institutions to set up branches in Fujian.

60 The American Chamber of Commerce in South China

全省港口规划，优化资源配置。福建拥有丰富的岸线资 福建省政府规划把华安县经济开发区建设成为汽车零部 源，全省可建十万吨级到三十万吨级深水泊位的岸线资 件产业集群，专门生产车轮、汽车轴承、轮胎、汽车玻 源位列全国第一。该省将会充分利用丰富的岸线资源， 璃等产品。此外，多家新能源汽车、叉车企业也进驻工 把东南航运中心打造成具有较强国际竞争力的国际航运 业园内。 物流中心。福建省政府将设立10亿元人民币专项资金， 用于发展海洋经济。 西岸经济区（也叫做海峡西岸经济区）覆盖福建全 省区域以及浙江省、广东省以及江西省几个城市。福建 福建省“十二五”规划鼓励外商投资战略性新兴产 省政府和中国中央政府提出发展海峡西岸经济区，目的 业、现代服务业、节能环保产业和其他重要产业。该规 在于推动发展海峡两岸政治经济关系，促进福建省沿海 划提出的目标包括： 城市的经济发展。海峡西岸经济区建设被列入中国“十 二五”规划。 •• 通过技术合作和资产并购等方式增加与国际大企 业的合作； •• 优化出口商品结构，鼓励具有自主知识产权的高 技术产品、机电产品和高附加值劳动密集型产品 出口； •• 积极推进加工贸易转型升级，鼓励国内外企业广 泛协作，加快从组装加工向研发、设计、核心元 器件制造和物流等环节拓展； •• 严格限制高耗能、高污染、资源性产品出口； •• 优化进口结构，鼓励进口经济发展急需的先进装 备技术、重要资源、关键零部件和满足不同层次 需求的生活消费品； •• 加强企业和产品进入国际市场的认证； •• 拓展闽港合作，鼓励更多的香港金融机构来闽设 立分支机构。

“十二五”规划把重点放在与台湾的合作上，例 如加强在法律、中介服务、医疗养生、文化创意、服务 外包、商务会展、航运物流、科技研发等现代服务行业 的合作。同时积极引进台湾医院、康复机构、养老服务 等，鼓励台湾人才来闽投资创业，参政议政。

2014年，福建省进出口总值达到1775亿美元，同比 增长4.8%，其中出口额达到1134.6亿美元，进口额则达 到640.4亿美元，同比分别增长6.6%及1.9%。2014年福 建省贸易总额增长6%，利用外资总额增长6%。

聚焦经济开发区

在中国“十一五”规划期间，福建省的经济开发区 受到广泛关注。在此期间，中国国务院批准建立厦门和 福州两个自由贸易港，并把招商局漳州开发区、泉州经 济技术开发区以及泉州高新技术产业开发区三个省级经 济开发区升级为国家级开发区。

福建省的经济开发区代表了全省的经济发展状况。 例如，位于福州、泉州和漳州的三个国家级经济开发区 主要针对台湾业务。汽车零部件是福建省的主要产品， 已不仅限于“铝车轮项目”的故乡华安县经济开发区。

61 2016 Special Report on the State of Business in South China

4. Guangxi Zhuang Autonomous Region

Link to South Asia and . Pinyang produces ceramics, fans, felt caps, cop- perware, combs, brushes and straw bonnets. As the only province of China with both land and water In January 2012, Sinopec opened a renovated refinery in connections to Southeast Asia, Guangxi’s position was signifi- the coastal city of Beihai. The new facility can refine 100,000 cantly enhanced by the inauguration of the China-ASEAN barrels per day, and is integrated with a 200,000 ton-per-year Free Trade Area in early 2010. The province borders Vietnam to polypropylene unit for producing plastics. the west and is connected to Hong Kong and Macau by the . Cross-border, small-value trade with Vietnam accounted Spotlight on Development Zones for around 57 percent of Guangxi’s total exports in 2014. Guangxi is also home to new high-tech development zones The provincial capital of Nanning in particular plays a key aimed at attracting investors in the logistics, bio-engineering, role in China-ASEAN relations. The city is the permanent IT, electronic components and shipping industries. The Nan- home of the annual China-ASEAN Expo and the China- ning-Guizhou-Kunming Economic Belt and the Beibu Gulf ASEAN Economic Park, a provincial-level park based in the Economic Zone are being constructed and efforts are being Nanning Overseas Chinese Investment Zone, which aims to taken to enhance the cooperation with Taiwan and other areas enhance cooperation between the region and the ASEAN in and outside of Guangxi. At present, over 3,000 companies countries. have settled into Guangxi’s 37 industrial parks, including China Petroleum, SDIC Power Holdings, Sinar Mas Group of Indo- Economy nesia, Noble Group of Singapore, China National Cereals, Oils and Foodstuffs Corporation (COFCO) and Coca Cola. Guangxi is home to many ethnic minority groups and its The High-Tech Industrial Development Zones of Nanning, economy is based on agriculture and tourism (especially the , Qinzhou, , and Yuchai all generated an indus- city of Guilin, known for its proximity to the Lijiang River trial output value over RMB10 billion in 2011. In addition to and Karst Peaks). Key agricultural products include sugarcane, industrial output value, the development zones are a key source of which Guangxi is the leading producer in China, and silk- of jobs in the province. The province’s industrial zones have worm products. Major grain crops include rice, maize, wheat been developing their industrial cluster according to the area and sweet potatoes. Leading commercial crops include peanuts, characteristics. For example, the coastal areas of Qinzhou, Bei- sesame, ramie, tobacco, tea, cotton, and indigo. Guangxi is also hai and Fangcheng are now focused on petrochemicals, power a major producer of fruit: most notably pomelos, tangerines, plants, manganese steel, sugar, and high-tech products. mandarin oranges, lemons, lychee, pears, papayas, bananas and Efforts have been made by the local government to increase pineapples. The region’s timber (sandalwood and cork) and both foreign- and domestic investment in the region. Global fishing industries are both important contributors to the local companies like Toyota, General Motors, NEC and IBM have all economy. made investments in Guangxi. Many large enterprises have estab- The province is also known for its wide variety of minerals lished regional headquarters in the city since July 2010 (when and metals, and its aluminium processing industry. In 2011, incentives were introduced to encourage doing so), including the Guangxi launched a new materials research and development brewer, Tsingtao, and household appliance maker, Haier. center, investing RMB30 million in R&D for new metallic As part of the China-ASEAN framework, the Pan-Beibu materials, the comprehensive utilization of low-quality iron re- Gulf Economic Cooperation Zone is comprised of the Guangxi sources, and laterite-nickel ore. Zhuang autonomous region, Guangdong and Hainan provinc- Food processing, auto manufacturing, petrochemicals, es, Vietnam, Malaysia, Singapore, Indonesia, the Philippines power generation, nonferrous metals, metallurgy and machin- and Brunei. ery are the seven key industries of Guangxi. In addition, build- ing materials, pharmaceutics, textiles and garments, shipbuild- Infrastructure ing, as well as the marine equipment manufacturing industries have grown rapidly in recent years. Pine resin is notable as an Air export-oriented commodity produced in the city of Wuzhou. Guangxi’s airports include Nanning Wuwei, Guilin Liang- The province’s heavy industries include iron, cement and steel he, Beihai Fucheng, Liuzhou Baihe, and the much smaller works in Liuzhou, as well as machinery production in Nanning Tianyang and Quzhou Cheung Chau Island.

62 The American Chamber of Commerce in South China

4. 广西壮族自治区

连接南亚的通道 聚焦经济开发区

广西自治区拥有多个高新技术开发区，旨在吸引外 广西壮族自治区是中国唯一一个与南亚有水路两路 商对物流、生物工程、信息技术、电子零部件和造船业 直接交通的省份。2010年初，中国-东盟自由贸易区正 的投资。南宁-贵州-昆明经济带和北部湾经济区目前正 式建立，广西的重要性进一步加强。广西自治区西临越 在建设之中，同时政府也不遗余力加强与台湾和自治区 南，通过西江与香港和澳门连接，地理位置优越。2014 内外地区的合作。目前，超过3000家企业进驻37个工业 年广西与越南跨境、小额贸易约占全省出口总额的57%。 园，其中包括中国石油集团、国投华靖电力控股有限公 司、印尼金光集团、新加坡来宝集团、中国粮油食品集 广西省会城市南宁在中国-东盟关系中扮演了尤其 团以及可口可乐公司。 重要的角色。南宁是中国-东盟博览会和中国-东盟经济 园的永久举办城市，中国-东盟经济园位于南宁市华侨 南宁、柳州、钦州、桂林、玉柴的高科技工业开发 投资区。作为省级经济园，中国-东盟经济园有利于加 区在2011年创造的工业总产值均超过100亿元人民币。 强广西与东盟国家的合作。 除了贡献工业总产值外，开发区也为广西创造大量就业 机会。各个工业区根据地方特点发展产业集群，例如， 经济情况 沿海地区的钦州、北海和防城港目前主要发展石油化 工、发电、锰钢、蔗糖和高技术产品。 广西自治区少数民族众多，其经济主要以农业和旅 游业为基础（特别是以漓江风景和石灰岩山峰闻名的桂 广西各级地方政府努力吸引国内外资本在该地区的 林市）。当地农产品有甘蔗以及桑蚕制品，广西是中国 投资。跨国企业如丰田、通用汽车、日本电气（NEC） 最大的蔗糖生产基地。主要粮食作物包括水稻、玉米、 和美国国际商业机器公司（IBM）等公司纷纷落户广 小麦和甘薯。主要经济作物有花生、芝麻、苎麻、烟 西。政府实行激励措施，吸引大型企业在广西开设区域 草、茶叶、棉花和靛蓝。广西也盛产水果，最著名的水 总部。自2010年7月以来，共有三十家大型企业在广西 果有柚子、柑桔、橘子、柠檬、荔枝、梨子、木瓜、香 建立区域总部，其中包括啤酒制造商青岛啤酒股份有限 蕉和菠萝。该地区木业出产檀香木和软木，水产是当地 公司以及家电制造商海尔集团。 另外一项重要产业。 作为中国-东盟合作框架的内容之一，泛北部湾经济 广西具有种类繁多的矿物和金属，铝加工业比较发 合作区成员包括广西壮族自治区、广东省、海南省、越 达。2011年，广西新建了各类矿物质研究与发展中心， 南、马来西亚、新加坡、印度尼西亚、菲律宾以及文莱。 投入3000万元人民币，用于研究开发新金属材料、综合 利用低质量铁资源和含镍铁矾土资源。 基础设施 食品加工、汽车制造、石油化工、发电、有色金 属、冶金和机械是广西自治区的七大支柱产业。此外， 航空 建筑材料、制药、纺织品和服装、造船以及海洋设备制 造产业也在快速发展。松木树脂是梧州特有的出口商 广西的机场包括南宁吴圩机场、桂林两河机场、 品。广西的重工业包括柳州的炼铁、炼钢和水泥制造业 北海福成机场、柳州白莲机场以及小型机场百色田阳机 以及南宁和梧州的机械制品。广西平阳主要生产陶瓷、 场、梧州长洲岛机场。 扇子、毡帽、铜器、梳子、毛笔和草帽等。 铁路 2012年1月，中国石油在广西沿海城市北海的炼油 厂完成改造，重新投入使用。新炼油厂每天可以炼油10 广西的铁路网远远落后于临近省份，目前正在发展 万桶，其炼油化工一体化项目20万吨聚丙烯厂也同时投 和扩建。广西在2011-2015年间已投入3000亿元人民币 入塑料生产。 建设铁路运输网。

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Rail Guangxi’s railway network, which has long lagged behind that of neighboring provinces, is currently undergoing develop- ment and expansion. The province plans to spend RMB300 bil- lion on railway construction between 2011 and 2015. This project is integrally connected to Guangxi’s develop- ment of trade with ASEAN. The province plans to accelerate the construction of a high-speed railway from Nanning to Sin- gapore via Vietnam as the groundwork for the Nanning-Singa- pore Economic Corridor. The first step of this is a railway segment between Nanning and Pingxiang, a city near China’s border with Vietnam. The larger Corridor is planned to encompass Hanoi in Vietnam, Vientiane in Laos, Phnom Penh in Cambodia, Bangkok in Thailand, Kuala Lumpur in Malaysia, and Singapore.

Ports and Waterways Guangxi’s main port is at Beibuwan (Gulf of Tonkin), which lies just off the coast of northeastern Vietnam and has an an- nual goods output approximately equal to that of Guangdong’s Zhanjiang and Fujian’s Xiamen combined (119 million tons). The province plans to raise the capacity of the port to over 330 million tons by the end of 2015, according to Guangxi’s “De- velopment Plan” and Xinhua News Agency. In 2011, it invested heavily in terminal and navigation channel projects with the goal of turning the port into a hub for ASEAN trade.

64 The American Chamber of Commerce in South China

其中一条重要铁路的建设关系到与东盟国家的贸易 关系的发展。广西计划加快修建从南宁至新加坡的高速铁 路，连接越南，为建设南宁-新加坡经济走廊做好准备。

修建南宁-新加坡高速铁路的第一步是建设南宁到 中国边境凭祥萍乡市路段的铁路。南宁-新加坡经济走 廊以南宁为起点，经过越南首都河内、老挝首都万象、 柬埔寨首都金边、泰国首都曼谷、马来西亚首都吉隆 坡，一直到达新加坡。

水路及港口

北部湾港（东京湾）是广西的主要港口，面向越南 东北部海岸，每年货物吞吐量大约相当于广东湛江港或 福建厦门港的总和（1.19亿吨）。据广西壮族自治区发 展规划以及新华社消息，广西计划到2015年提高港口吞 吐量至3.3亿吨。2011年，广西投入大量资金建设渡口 和航道，希望把北部湾港建设成为东盟贸易枢纽。

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5. Hainan Province 2013 Hainan’s Major Industrial Products National Rank (total 30 provinces/municipalities)

An Island of Tourism and Agriculture Product National Rank Refined Sugar 5 Hainan province includes over two hundred islands off of Natural Gas 18 China’s southern coast in the , with Hainan Crude Oil 16 Island (30 miles off the coast of Guangdong) accounting for 97 Cars 21 percent of provincial land area. China’s smallest province and Paper 16 largest special economic zone, Hainan is at the same latitude as Fertilizer 21 Hawaii, Bali and Phuket and has developed into one of China’s Hydropower 22 prime resort areas, earning the nickname “oriental Hawaii.” Chemical Fiber 23 Although the service industry accounted for 51.9 percent of Source: National Data(Official website of NBS) GDP `in 2014 , Hainan also has the largest primary sector of all of China’s provinces , through the important contribution of its Shopping Center has attracted a vast number of top-end and fisheries and tropical cash crops like coconuts, pepper, coffee, flagship stores to its 125,000 square meter complex after open- tea and rubber. ing in September 2014. The accumulative value of the duty-free goods purchased Economy per one-time visitor departing from Hainan Island is limited to RMB8, 000 and the allowable quantity of each individual type While many of the tourists who travel to Hainan are Chi- of good is as shown in the Annex. As long as the import duty nese, the government is attempting to change this; the State of the goods has been paid, each visitor may also purchase one Council has announced a strategic plan to make Hainan a product priced over RMB8, 000. world-class international tourist destination by 2020. The cen- Hainan Island occupies 42.5 percent of the nation’s total tral government has approved a further 15 resorts and 63 five- tropical landmass used for agriculture, forestry, animal husband- star hotels as part of the island’s existing Five-Year Plan. Tourists ry and fishery. Major agricultural industries include natural rub- may visit the island without a visa as long as they are part of a ber, coffee, tobacco, tropical flowers and tropical fruits such as tour group organized by a state-approved international travel coconuts, watermelons and bananas. Hainan is also developing agency. aromatic vegetables into a major industry. The most valuable government policies issued in connection The province is home to 70 percent of China’s titanium with promoting Hainan as an international tourist destination reserves and is a major salt production center. Main exports are the island’s duty-free policies, post-departure tax refunds, include aquatic products, furniture and wood, electrical and and visa exemptions for tourists from 26 countries and regions. electronic products, and iron and steel. Hainan’s main import Since April 2011, tourists have been able to purchase duty- and export trading partners are the E.U., ASEAN, the U.S. and free commodities at duty-free stores in the province and leave Japan. the island by air, greatly increasing tourism and high-end con- Hainan’s territory covers an enormous amount of seabed - a sumption. Having recognized the tremendous benefits brought radius of about 200 miles around the island area - and the local to the local economy by the policy, the Chinese central govern- government is keen to exploit this in terms of aquaculture and ment loosened previous restrictions in October 2012. The min- offshore oil and gas production in the South China Sea. Since imum age for purchasing duty-free commodities was lowered to 1996, Hainan has been supplying Hong Kong with natural gas 16, while the upper value limit for duty-free commodities was through a 770-kilometer pipeline. Large oil and gas reserves increased from RMB5, 000 to RMB8, 000. Moreover, three have been discovered in the South China Sea, a major source of additional categories of commodities have been added to the conflict between China and its neighboring countries in recent duty-free list, namely, beauty and health care products, table- times. ware and kitchen appliances, and toys - expanding the scope of The 12th Five-Year Plan of Hainan aims to promote the duty-free commodities to 21 categories. modern service industries, including tourism, commercial exhi- In an effort to bring the huge potential of the duty-free pol- bitions, modern logistics, and sports and leisure. It also aims to icy into full play, construction of the world’s largest duty-free greatly increase investment into the new energy, new materials shopping center has begun in the resort city of Sanya. With an and biomedical industries, such that they become the province’s investment of RMB3.45 billion, the Haitang Bay International main pillars of economic growth. The Plan hopes to form five

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5. 海南省 2013年海南省主要工业产品 全国排名（共30个省/直辖市）

旅游和农业之岛 产品 全国排名

成品糖 5 海南省由两百多个岛屿构成，位于中国南海，与 天然气 18 大陆南部沿海相对望。海南岛（距离广东南部沿海30英 原油 16 里）的面积占全省陆地面积的97%。海南岛是中国最小的 汽车 21 省份，也是最大的经济特区，与夏威夷岛、巴厘岛、布 纸张 16 吉岛处于同一纬度之上，目前已经发展成为中国首屈一 化肥 21 指的旅游度假胜地，被誉为“东方夏威夷”。 水能 22 化学纤维 23 虽然服务业占全省国内生产总值比重在2014年达到 来源：国家数据（中国国家统计局官方网站） 51.9%，海南省也拥有全国最大的渔业和经济作物种植 离岛旅客每人每次累计免税购物金额不得超过8000 业，像椰子、辣椒、咖啡、茶叶和橡胶等经济作物都在 元人民币，各种免税商品的购买限制数量可参考《暂行 全国占有极其重要的地位。 办法》附件内容。旅客在按完税价格全额缴纳进境物品 进口税的条件下，每人每次还可以购买1件单价8000元 经济情况 人民币以上的商品。

目前到海南省旅游的大多都是中国游客。为了改变 海南岛拥有全国42.5%的热带大陆，用以发展农 这种情况，中国国务院宣布了战略性规划，力争到2020 业、林业、畜牧业和渔业。主要农业生产作物包括天然 年把海南省建设成为世界级的“国际旅游目的地”。经 橡胶、咖啡、烟草、热带花卉、热带水果如椰子、西 中央政府批准，海南省新增15个旅游度假村和63家五星 瓜、香蕉等。同时，海南省把香料种植加工发展成为主 级酒店，这也是海南省当前“五年规划”的既定目标之 要产业。 一。持有中国国家旅游局许可的国际旅行社可以组织免 签旅游团，参加免签旅游团的外国游客不需要签证即可 海南省蕴含着中国70%的钛矿资源，也是中国主要 到海南岛旅游。 的产盐中心。主要出口产品包括水产品、家具和木材、 电气和电子产品、钢铁产品等。海南省主要进出口贸易 中央政府一直积极推动海南岛发展成为国际旅游 伙伴为欧盟、东盟、美国和日本。 目的地。在已出台的政策中，最有价值的包括有免税政 策、离岛退税政策以及旅游团免签政策，目前免签政策 海南省拥有开阔的海床，其面积覆盖海南岛周围 已经扩大到26个国家和地区。 半径200英里范围之内。海南省各级政府充分发挥地理 优势，积极发展水产业以及在南海地区开发近海石油和 从2011年4月开始，游客可以在免税商店购买免税 天然气。自1996年以来，海南岛一直通过长达770公里 商品，然后乘飞机离开海南岛，这极大地促进了海南省 的管道向香港输送天然气。南海发现大量的石油和天然 旅游业和高端购物消费。得益于离岛免税政策，海南省 气储量，很多分析人士认为未来海南岛具有无限发展潜 经济增长迅猛。为了延续增长势头，中国中央政府决定 能。然而南海附近岛屿的归属问题，中国和其他临近国 于2012年10月放宽离岛免税政策门槛，政策适用对象年 家一直存在很大争议。 龄下调至年满16周岁，离岛旅客每人每次免税购物限额 从5000元人民币上调至8000元人民币。此外，免税商品 海南省“十二五”规划提出促进发展现代服务产 新增三大类产品，包括保健及美容器材、餐具及厨房用 业作为主导产业的目标，包括旅游业、商务会展、现代 品和玩具，免税商品种类扩大至21种。 物流、运动休闲。同时大幅度提高对新能源、新材料和 生物医学产业的投资力度，使之成为拉动经济增长的主 为了让免税购物政策发挥最大作用，世界最大的免 要支柱产业。规划希望形成五大工业集群，包括汽车制 税购物中心已在度假胜地三亚落成。座落在海棠湾的国 造、食品饮料、农产品加工、光伏工业、医药制药、文 际购物中心耗资34.5亿人民币，占地12.5万平方米。自 化创意和休闲娱乐产业，到2015年总产值达到100亿元 2014年开业以来已吸引了众多高端品牌及旗舰店进驻。 人民币。加快发展高尔夫和游艇旅游业，引进一系列具 有国际影响力的高尔夫锦标赛，开发高尔夫培训和相关

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industry groups in the automobile, food & beverage and agri- Infrastructure cultural product processing, photovoltaic, medical and phar- maceutical, cultural and creativity, and leisure and entertain- Air ment industries, with output of over RMB10 billion by 2015. Hainan’s airports include Sanya Fenghuang and Haikou It also plans to accelerate the development of the golf and yacht Meilan, which handle the major inflow of visitors to the industries by introducing a series of internationally influential province. golf tournaments, developing golf training and associated in- dustries, and establishing yacht trading venues and yacht clubs. Rail The Plan also encourages the creation of a base for manufactur- Hainan’s east ring intercity rail connects its major cities of ing travel equipment including for yachts, residential vehicles, Haikou and Sanya. An additional high-speed railway is planned outdoor sports, scuba diving, and golf. In addition, the Plan for the west coast of Hainan, and a ferry link connects Hainan’s aims to cultivate three to five medical, health and rehabilita- railroad to the mainland. tion institutions meeting international advanced standards and providing services such as Chinese medicine, hot springs and Ports and Waterways dietary therapy. Hainan’s largest harbors are located at Haikou, Sanya, Basuo In terms of raising innovative capability, the Plan encour- and Yangpu. ages enterprises with the necessary conditions to establish state, provincial and municipal-level key laboratories and state and provincial-level key engineering technology R&D centers, and aims to cultivate a group of high- and new- technology enter- prises, innovative enterprises, and state and provincial-level IPR pilot enterprises. Well-known domestic and foreign schools are encouraged to establish branch schools in the province and large enterprises to establish training bases in Haikou, the provincial capital. Local schools are encouraged to establish mutual recognition of courses and accreditation with foreign schools. In addition, the development of accounting, legal, economic appraisal and consulting services are encouraged, with the Plan aiming to cul- tivate a group of internationally renowned intermediary service enterprises. In terms of the environment, the Plan hopes to achieve a 100 percent urban waste treatment and disposal rate and a 90 per- cent urban waste water treatment rate, and prohibits the devel- opment of high energy consumption, high water consumption, high emission and overcapacity industries. The Plan also aims to achieve a 95 percent utilization rate of clean energy by 2015, and for all key projects and large-scale public facilities to com- prehensively implement contract energy management. The Plan aims to actively promote Haikou’s economic ex- change and cooperation with the pan-PRD region and with international sister cities, as well as expand economic coopera- tion and trading with the 10+1 ASEAN nations. In addition, it hopes to adjust and optimize the province’s export goods struc- ture and encourages and supports expanding the export of pho- tovoltaics, marine products, food and beverages, and electrical and mechanical products. In addition, it hopes to adjust and optimize the structure of FDI utilization by increasing efforts to attract investment in the high- and new-technology indus- tries, modern service industries, and public infrastructure.

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行业，建立游艇贸易场所和游艇俱乐部。规划鼓励打造 基础设施 旅游设备制造业基地，制造包括游艇设备、私家车、户 外运动、潜水运动和高尔夫运动。此外，规划提出要培 航空 育3-5个符合国际先进标准的医疗、健康和康复机构， 同时能提供中医药、温泉、纤体等服务。 海南岛现有三亚凤凰国际机场和海口美兰国际机场 两个机场，输送大部分出入海南省的旅客。 在提升创新能力方面，规划鼓励有条件的企业建立 国家级、省级和市级重点实验室和国家级、省级重点工 铁路 程技术研发中心，并培育一批高新技术企业、创新型企 业和国家级、省级自主知识产权试点企业。 海南岛东环市际轨道连接岛内两大城市海口和三 亚。当地政府计划在海南岛西岸建造另一条高速铁路，琼 规划鼓励国内外知名院校到海南省建立分校，支持 州海峡渡口连通海南岛铁路与大陆铁路。 大型企业在省会城市海口设立培训基地，鼓励省内学校 与外国学校建立课程、学分互相承认制度。此外，规划 水路及港口 鼓励发展会计、法律、经济评估和咨询服务等行业，培 育一批国际知名的中介服务机构。 海南岛最大的港口为海口港、三亚港、八所港和洋 浦港。 在环境保护方面，规划希望实现城市垃圾处理率达 到100%，城市污水处理率达到90%。高能耗、高水耗、 高排放量工业和产能过剩产业将被禁止继续发展。此 外，到2015年，全省实现清洁能源使用率95%，所有重 点项目、大型公共设施项目将全面实施合同能源管理。

规划还提出，要积极促进海口市与泛珠三角地区 以及国际友好城市之间的经济交流与合作，扩大与东盟 10+1各国的经济合作与贸易往来。此外，规划希望调整 和优化出口商品结构，鼓励和支持增加光伏产品、海洋 产品、食品和饮料以及电子机械产品的出口。同时，规 划提出调整和优化直接使用外资的结构，努力吸引外资 投向高新技术产业、现代服务业和公共基础设施。

69 2016 Special Report on the State of Business in South China

6. Hong Kong Special Administrative Region

East Asia’s Logistics and Financial Hub To enhance cooperation between Hong Kong and Mainland China in the services sector, the Chinese central government and Situated at the southeastern tip of China, Hong Kong is at the government of the Hong Kong Special Administrative Re- the center of East Asia. Since its return to the Chinese Mainland gion signed the “Tenth Supplement to the Mainland and Hong in 1997, the special administrative region has been a model for Kong Closer Economic Partnership Arrangement” (CEPA) on the success of the “One Country, Two Systems” policy. Hong August 29, 2013, which takes effect on January 1, 2014. Kong is the world’s 10th largest trading economy, 6th biggest for- The Tenth Supplement further relaxes the market access eign exchange market and, with its service sector accounting for conditions in 28 existing sectors, namely: more than 90 percent of GDP, the world’s most service-oriented economy, according to the Hong Kong Development and Trade Legal Council. Construction Distribution Hong Kong encompasses , the Computer and related services Environment Peninsula and the . Parts of the region consist of Real estate Banking the most densely populated places in the world, while others are Market research Securities quite rural. Approximately 88 percent of the population speaks Technical testing & analysis Hospital services Cantonese as their first language, rather than the mainland’s of- services Social services ficial language of Mandarin Chinese. Placement and supply services Tourism of personnel Cultural Economy Building-cleaning Sporting Photographic Maritime transport Major economic sectors of Hong Kong include: trade and Printing Air transport logistics, tourism, financial services, professional services and Convention and exhibition Road transport other producer services. Mainland China is Hong Kong’s larg- Translation and interpretation Freight forwarding est trading partner and the largest source of external direct in- services agency vestment into Hong Kong. Its relationship covers a wide range Telecommunications Trademark agency of activities ranging from traditional areas such as imports/ Audiovisual exports, wholesale and retail, banking and transport and ware- housing, to newer areas such as real estate, hotels, financial ser- Furthermore, under the Circular, service providers of Hong vices, manufacturing and infrastructure development. Kong and Macao are permitted to establish wholly-invested en- tertainment places in the pilot areas of Qianhai, Shenzhen and Spotlight on CEPA’s Tenth Supplement Hengqin, Zhuhai. In December 2001, after China’s accession to the WTO, Hong Kong’s savvy global business environment has paired Hong Kong proposed an arrangement with mainland China well with the PRD’s competitive manufacturing base. Accord- similar to a free trade agreement. By 2002, the official term, ing to China Customs’ statistics, Hong Kong is the country’s Closer Economic Partnership Arrangement (CEPA), was con- second largest trading partner after the United States. In 2014, firmed. CEPA promotes closer integration and development of mainland imports from Hong Kong amounted to RMB79.2 the PRD through trade in goods and services, investment facili- billion, while exports to Hong Kong were RMB2230.7 billion . tation and tourism. Hong Kong overtook London and New York to claim the The basic objectives of CEPA are to phase out tariffs and top spot in the 2011 World Economic Forum Financial De- non-tariff barriers on trade in commodities, liberalize trade in velopment Index, marking 2011 as the first year an Asian city services and reduce and eliminate all discriminatory measures has topped the rankings. The World Economic Forum is based to boost trade and investment in the Greater PRD. For manu- on several financial indicators, including financial access, busi- facturing industries, CEPA allows the vast majority of manu- ness environment, banking and financial services, transparency, factured goods that meet Hong Kong rule of origin and CEPA institutional environment, non-banking financial services and specifications into the Chinese mainland duty-free. In the ser- financial markets. Hong Kong is consecutively ranked as the vice sector, CEPA gives Hong Kong companies in specified sec- world’s freest economy by the Wall Street Journal and Heritage tors preferential access to markets. Foundation.

70 The American Chamber of Commerce in South China

6. 香港特别行政区

东亚物流和金融枢纽 《CEPA补充协议十》在现有的28个领域进一步放宽 了市场准入的条件： 香港坐落于中国大陆东南端，位于东亚地区的中心 地带。自从1997年回归中国大陆之后，香港特别行政区 法律 分销 已经成为“一国两制”政策成功实行的典范。根据香港 建筑 环境 贸易发展局的数据，香港是世界第十大贸易经济体，第 计算机及其相关服务 银行 六大外汇市场，其服务行业总值在全港生产总值的比重 房地产 证券 超过90%，是世界上服务行业比重最大的经济体。 市场调研 医院服务 技术检验和分析服务 社会服务 香港地区包括香港岛、九龙半岛和新界。香港部分 人员提供与安排 旅游 地区是世界上人口最密集的地区之一，而其他地区却非 建筑物清洁 文娱 常偏僻。香港大约88%人口的第一语言是粤语，而非大 摄影 体育 陆的官方语言普通话。 印刷 海上运输 会展 航空运输 笔译和口译 道路运输 经济情况 电信 货运代理 视听 商标代理 香港主要经济产业包括贸易与物流、旅游、金融 服务、专业服务及其他生产服务等。中国大陆是香港最 另外，《CEPA补充协议第十条》新增了教育服务 大的贸易伙伴，也是最大的外来直接投资来源。大陆与 领域的开放措施。该补充协议还允许香港和澳门的服务 香港之间的合作覆盖范围广泛，包括如进出口、批发 提供者在深圳市前海区和珠海市横琴新区试点设立独资 零售、银行业、运输及仓储等传统领域，和房地产、酒 娱乐场所。 店、金融服务、制造业及基础设施建设等新领域。 香港优越的国际商业环境与珠三角地区的制造业基 地结合在一起，创造出得天独厚的竞争优势。中国海关 统计数据显示，香港已经成为中国大陆的第二大贸易伙 聚焦：CEPA补充协议第十条 伴，仅次于美国。2014年，中国大陆从香港进口总额达 2001年12月，继中国加入世界贸易组织之后，香港特 到792亿美元，对香港出口总额达到2.2307万亿美元。 别行政区提出与中国内地建立一个类似自由贸易协定的安 排。2002年，官方确定此协定的名称为《与内地建立更紧 在2011年世界经济论坛发表的金融发展指数中，香 港超越伦敦和纽约跃升全球第一，2011年成为亚洲地区 密经贸关系的安排》（CEPA）。CEPA致力于加强香港与 珠三角地区的商品与服务贸易，促进贸易投资便利化， 首次问鼎该指数排名的年份。世界经济论坛的评估基于 加强旅游合作，使珠三角地区发展更快，联系更加紧密。 多个金融指标，包括金融市场准入、商业环境、银行和 金融服务、透明度、机构环境、非银行金融服务以及金 融市场等。香港多年来一直被《华尔街日报》和美国传 CEPA的基本目标是分阶段取消对商品贸易的关税和非 关税壁垒，促进服务贸易自由化，减少及消除所有歧视性 统基金会评为全球最自由经济体。 措施，推进大珠三角地区的贸易和投资。为了促进制造业 中国中央政府计划把香港建设成为人民币离岸市场 发展，CEPA允许大量满足香港原产地规定和CEPA要求的 以及跨境贸易人民币结算的重要通道。中国国家副总理 制造成品零关税进入中国内地市场。在服务业，CEPA优先 允许从事指定服务行业的香港公司进入中国内地市场。 李克强在2011年8月发表讲话称，这些措施将为香港企 业对中国大陆进行以人民币为主的直接投资提供支持。 为了加强香港与中国大陆在服务业的合作，中国中 李副总理也指出，中央政府将继续支持香港发展离岸人 央政府和香港特别行政区政府于2013年8月29日签署《<内 民币金融中心的创新举措，跨境贸易人民币结算不仅面 向香港，而应扩大至全国范围。 地与香港关于建设更紧密经贸关系的安排（CEPA）>补充 协议十》，该协议已于2014年1月1日正式实施。

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The Chinese central government plans to develop Hong from abroad without being taxed, while non-residents may be Kong as an offshore RMB market and an increasingly promi- taxed on profits arising in Hong Kong. Hong Kong regulations nent cross-border RMB trade channel. These measures will sup- also allow companies to claim offshore status, allowing them port Hong Kong enterprises in making RMB-denominated di- total tax exemption on profits sourced outside of Hong Kong. rect investments into the mainland, according to statements by All expenditures incurred in the generation of assessable Chinese Vice Premier Li Keqiang in August 2011. Li also stated profits, including most interest costs, rent for office and -fac that the central government will support the development of tory premises, bad debts, and salaries and payments to approved offshore RMB financial products in Hong Kong and that cross- pension schemes, are deductible from gross income. Sums paid border trade settlements in RMB should be extended to cover out on capital expenditures are not tax deductible. Losses can be the whole country. carried forward without any limits. As of the end of 2014, Hong Kong held the world’s largest pool of offshore RMB funds with total deposits of RMB1150 VAT and Withholding Tax billion . To further increase the city’s competitiveness against Value-added tax (VAT) is non-existent in Hong Kong. foreign rivals such as London and Singapore, last year the There is also no withholding tax in Hong Kong for profit repa- central government allowed foreign investors to invest in triated back to the overseas parent company. RMB-denominated exchange trade funds in Hong Kong. Additionally, the government will support third parties using Salary Tax Hong Kong as a venue to settle trade and investments in RMB, There are two ways of calculating salary tax in Hong Kong and further enrich offshore RMB products in Hong Kong, for the individual taxpayers who have assessable income from according to Xinhua. employment: In terms of infrastructure development, the Hong Kong- Zhuhai-Macau Bridge (construction scheduled for 2009-2016) 1. Progressive rate. Taken on a sliding scale (2-17 percent) is expected to reduce travel time between Hong Kong and each against the taxpayer’s annual net chargeable income city from 4.5 hours to approximately 40 minutes. The SAR is (i.e. less allowable deduction and personal allowances); currently undergoing an ambitious transport infrastructure and program, and has allocated a budget of HK$15.5 billion to be 2. Standard rate. 15 percent, based on the annual net spent on major road and railway projects. The entirety of this income (i.e. less allowable deductions only). The final program is expected to be completed in 2020. payable income tax is the lower of the two tax liabili- Hong Kong follows a free trade policy and hence maintains ties. The maximum average tax rate in Hong Kong is basically no barriers to trade: there are no customs tariffs on thus 15 percent for the current tax year. Dividends goods imported into or exported from Hong Kong. Import and received from any corporation enjoy a tax exemption. export licensing are kept to a minimum. Most products do not need licenses to enter or leave Hong Kong and where licenses or Infrastructure notifications are required, they are only intended to fulfill obli- gations under various international agreements, or to maintain The city is currently undergoing an ambitious transport public health, safety or security. infrastructure program, and has a recent annual budget of HK$15.5 billion to be spent on major road and railway projects. Spotlight on Hong Kong Taxes The entirety of this program is expected to be completed in 2020. Corporate Income Tax Hong Kong’s simple and business-friendly tax system is a Air major attraction for foreign investors. Corporate income tax The Hong Kong International Airport at Chek Lap Kok is rates may differ slightly from year to year in Hong Kong. For the busiest airport in the world for international cargo. In 2014, the year of assessment 2008/09 onwards, the tax rate for corpo- HKIA handled 63.3 million passengers, 4.38 million tons of rations is 16.5 percent, and the profit tax rate for partnerships cargo . By 2040, efforts to expand the airport will increase its and sole traders is 15 percent. capacity to handle up to 87 million passengers and million tons Hong Kong adopts a territorial source principle of taxation, of cargo per year. The airport’s marine cargo terminal is linked which means that only profits sourced in Hong Kong are taxable with 18 ports in the Pearl River Delta. in Hong Kong. There is no distinction made between residents and non-residents, which means that residents can derive profits

72 The American Chamber of Commerce in South China

截止至2014年年底，香港持有数量最大的离岸人 1. 累进税率 根据纳税人应交税的年净收入按比 民币资金，其人民币存款总额达到1.15万亿元。为了进 例增加税率（2%-17%）（可扣除项目较少，个 一步提高香港的国际竞争力，应对来自竞争对手伦敦和 人免税额较少） 新加坡的挑战，中央政府去年决定允许外国投资者在香 港投资以人民币计价的交易所交易基金。另据新华网报 2. 标准税率 根据纳税人的年净收入课税15%（可 道，中央政府将支持第三方在香港办理人民币贸易投资 扣除项目较少）最终支付的薪俸税率是两种计 结算，并进一步丰富香港人民币离岸产品。 算方法之中较低的一个税率。因此，在本课税 年度，香港平均最高的薪俸税率为15%。从任 在基础设施建设方面，港珠澳大桥（建设时间 何企业获得的分红收入可以免税。 2009-2016年）建成通车之后，开车从香港到珠海的时 间将由4.5小时缩减为约40分钟。香港特别行政区目前 正在进行一项规模庞大的交通基础设施工程，每年投入 基础设施 资金155亿港元，用于建造大型道路和铁路项目。预计 整个工程将于2020年完工。 香港目前正在进行一项规模庞大的交通基础设施工 程，每年投入预算资金155亿港元，用于建造大型道路 香港实行自由贸易政策，因此基本上不存在贸易壁 和铁路项目。预计整个工程将于2020年完工。 垒。在香港进出口货物不需要支付关税。进出口许可要 求维持在最低限度，大多数商品出入香港不需要许可， 航空 即使要求许可或知会文件，也是为了遵守国际承诺履行 相关义务，或者出于公共卫生安全和安保原因。 香港赤邋角国际机场是世界上最繁忙的国际货运机 场，2014年香港国际机场旅客吞吐量达到6330万人次， 聚焦香港税收政策 货邮吞吐量达到438万吨。预计到2040年每年旅客吞吐 量上升至8700万人次，货邮吞吐量达到900万吨。机场 利得税（企业所得税） 海运码头连接着珠江三角柱地区18个港口。 香港实行简单又有利于商业的税收制度，这是对外 来投资者的最大吸引力。香港的利得税可能每年都有些 铁路 微差异。在2008/09课税年度，香港企业利得税税率是 16.5%，个人或合伙经营企业利得税税率为15%。 近年来，政府已经完成五个新铁路项目，使香港的 铁路网扩大了35%，总里程达到200公里，公共交通比重从 香港税制实行地域来源征税原则，只向在香港地 31%增加到39%。香港的大型铁路项目有广九铁路（KCR） 区经营所得利润课税，并无香港居民或非香港居民之 扩建工程，从上水至落马洲支线共扩展7.4公里，以及广 分。也就是说，香港居民从国外获取的利润不必在香港 州-深圳-香港高速铁路，总投资达到86亿美元。 缴税，而非香港居民在香港地区经营所得利润则需要缴 税。香港法律允许企业宣布离岸地位，这样企业的全部 水路及港口 利润都可以免税。 香港港处理的货物数量约占香港货物吞吐总量的 在赚取应课税收入而付出的各项开支均可扣除，包 75%，是世界上最繁忙的集装箱港之一。香港葵涌-青衣 括大多数利息成本、租用办公室和厂房支出、坏账、员 段一共有九个集装箱码头，由五间营运商管理和营运。 工薪水以及退休金缴纳支出等。用于资本性支出的利润 这五间营运商是现代货箱码头有限公司、香港国际货柜 不可扣除，灾害损失扣除金额没有上限。 码头有限公司、中远-国际货柜码头有限公司、杜拜环 球港务以及亚洲货柜码头有限公司。大约有800家香港 增值税和预提所得税 从事船运业务的企业提供综合海运服务，包括船舶登 香港没有增值税，对送回海外总公司的利润也没有 记、法律纠纷解决服务、船舶融资和海运保险、船舶租 预提税。 赁和管理等。

薪俸税 在香港受雇工作而获得收入的个人都应缴纳薪俸 税。香港缴纳薪俸税有两种税款计算

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Rail Recently, five new rail projects expanded Hong Kong’s net- work by 35 percent to over 200 kilometers, with an increase in public transit service from 31 percent to 39 percent. The city’s major rail projects include the 7.4 kilometer extension of the Kowloon-Canton Railway (KCR) from SheungShui to Lok Ma Chau Spur Line and the Guangzhou-Shenzhen-Hong Kong Express Rail Link worth US$8.6 billion.

Ports and Waterways The Hong Kong port handles about 3/4 of Hong Kong’s total cargo throughput and is among the world’s busiest container ports by cargo throughput. There are nine container terminals in Kwai Chung-Tsing Yi basin under the operation of five different operators, namely, the Modern Terminals, Hong Kong International Terminals Ltd, COSCO-HIT, DP World and Asia Container Terminals Ltd. There are some 800 shipping-related companies in Hong Kong that provide comprehensive maritime services including ship registration, legal and dispute resolution services, ship financing and marine insurance, and ship-ownership and vessel management.

74 The American Chamber of Commerce in South China

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7. Macau Special Administrative Region

The Orient’s Las Vegas revenue increased 31.7% in October year-on-year to 36.48 billion patacas ($4.6 billion), more than six times the revenue of the Las A former Portuguese colony situated at the entrance to the Vegas Strip. However, this over-reliance on the gaming industry has Pearl River Delta only forty miles from Hong Kong, Macau is made the Chinese central government prioritize diversification of the smaller of China’s two special administrative regions – at the region’s economy. only 1/40th the size of Hong Kong, with approximately half The region’s top trade partners are mainland China, Hong a million residents (not many more than Luxembourg) and a Kong, Japan, the E.U., Taiwan and the United States. The region’s total of 33 casinos. exports include clothing, textiles, footwear, toys, electronics, ma- chinery and parts; while imports include raw materials and semi- Spotlight on Macau over Time manufactured goods, consumer goods (foodstuffs, beverages, to- Under British rule and with the deep port of Victoria Har- bacco), capital goods, mineral fuels and oils. bor, Hong Kong quickly gained importance as a major trade Due to Macau’s increasing operational costs, it is no longer suit- center, overshadowing the commercial importance of Portu- ed for labor-intensive industries, and accordingly, textile and gar- guese-ruled Macau. The key exception to Hong Kong’s com- ment exports are likely to shrink further in years to come. Yet the mercial superiority over Macau was during World War II when region continues to develop as one of the top gambling and tourist Macau experienced brief economic prosperity as the only neu- destinations in the world. Growth areas include finance, insurance, tral port in South China, after the Japanese occupied Canton construction, real estate and manufacturing. Macau’s gambling in- and Hong Kong. From 1943 to August 1945, Japan created a dustry still accounts for an estimated 40 percent of its GDP. virtual protectorate over Macau, assuming control of its affairs. Macau’s currency, the pataca (MOP), is closely tied to the Hong In 1974, the Portuguese government granted independence Kong dollar, which is freely accepted in Macau. Hong Kong’s links to all overseas colonies and recognized Macau as part of China’s with Macau’s gambling industry are extensive, especially through territory. The Chinese government did not take over admin- three of the six companies with gaming licenses in Macau: STDM, istration of the territory until February 8, 1979, when China Galaxy, and Melco. STDM’s gaming subsidiary, SJM, and Galaxy acknowledged Macau as a Chinese territory under Portuguese are listed on the Hong Kong Stock Exchange, as are two other li- administration. cense holders, Wynn Macau and Las Vegas Sands’ Macau operations. On April 13, 1987, “The Joint Declaration on the Question Having surpassed Las Vegas in gambling revenue, the city is of Macau” was signed between China and to agree that now looking to broaden its economic base by keeping tourists in Macau would revert to Chinese rule on December 20, 1999 town for longer periods of time. While casino earnings constitute also under the “One Country, Two Systems” policy. As per the nearly all of Macau’s earnings, in Las Vegas they make up only about Hong Kong SAR, the Chinese government promised that the 40 percent of tourist-related revenue, suggesting that tourists in Macau SAR will enjoy a high degree of autonomy in all matters Macau tend to stay for only a day or two, gambling and quickly except foreign and defense affairs for 50 years. leaving. The region is hoping to change that by cashing in on the lucrative convention trade with new exhibition centers and signifi- Economy cant growth in the number of hotel rooms available. The first exhibition to take advantage of the added space was As a free port (where goods are received and shipped free of Mega Macau, the first-ever trade exhibition of its kind in the SAR. customs duties), Macau is best known for its gambling industry and Running between the two phases of the Canton Fair in Guang- is the only place in China where gambling is legal. The majority of zhou, the event was held in the Venetian Convention and Exhi- the population speaks Cantonese, but Portuguese remains an offi- bition Center (part of the Venetian Macau mega resort complex cial language and English is widely used in trade, tourism and com- and featuring 100,000 square meters of conference and exhibition merce. Since the liberalization of its gaming sector in 2002, Macau’s space, 70,000 square meters of which is dedicated to exhibitions economy has expanded rapidly with significant investment in new and can accommodate up to 5,000 booths at a time). hotels, casinos and convention facilities by developers from Hong Macau’s Closer Economic Partnership Arrangement (CEPA) Kong, Australia, and the United States. with Mainland China was signed on October 17, 2003 and came The city now represents the world’s largest gaming capital, hav- into effect on January 1, 2004. The agreement offers Macau-made ing surpassed Las Vegas in 2006. Macau’s gambling revenues grew products tariff-free access to the mainland. According to official by an average of 29 percent a year between 2008 and 2012. Casino statistics issued by Macau Economic Services, the total product

76 The American Chamber of Commerce in South China

7. 澳门特别行政区

东方的拉斯维加斯 一直要求澳门完善经济结构，促进多元化发展。

澳门曾经是葡萄牙殖民地，位于珠江三角洲地区入 澳门最大的贸易伙伴是中国大陆、香港、日本、 口处，距离香港只有四十英里。澳门特别行政区面积相 欧盟、台湾地区以及美国。澳门出口的商品有服装、纺 当小—只有香港面积的四十分之一，大约只有五十万居 织品、鞋类、玩具、电子产品、机械制品和零部件，进 民（比卢森堡多不了多少），共有赌场33家。 口商品包括原材料和半成品、消费品（粮食、饮料、烟 草）、资本产品、矿物燃料和石油。

聚焦澳门历史 由于经营成本不断上升，澳门地区不再适合劳动密 因为英国的统治和维多利亚深港的地理优势，香港 集型产业发展，预计纺织品和服装出口在未来将会进一 迅速成为举足轻重的贸易中心，而在葡萄牙统治之下的 步萎缩。但是，澳门地区作为世界博彩和旅游胜地仍然 澳门就相形失色得多，其经济地位远远比不上香港。香 继续蓬勃发展。澳门其他增长的行业包括金融、保险、 港相对于澳门拥有无可比拟的优越商业地位，唯一的例 建筑、房地产和制造业。澳门的博彩业对其生产总值的 外是在第二次世界大战期间，其时日本占领了广东和香 贡献约为40%。 港，澳门是华南地区唯一的一个中立港口，因此澳门有 过短暂的经济繁荣。1943-1945年，日本人在澳门创立 澳门的货币澳门币与港元建立了联系汇率，港元可 伪摄政政权，控制了澳门事务。 以在澳门自由使用。香港与澳门博彩业具有千丝万缕的 联系。澳门六家具有博彩业专营牌照的公司中，其中澳 1974年，葡萄牙政府承认所有海外殖民地独立，承 门旅游娱乐有限公司（STDM）、澳门银河娱乐集团有 认澳门是中国领土的一部分。中国政府并没有马上接手 限公司、新濠博亚博彩股份有限公司与香港联系非常紧 管理澳门。1979年2月8日，葡萄牙政府承认澳门是中国 密。STDM旗下的澳门博彩控股有限公司（SJM）和澳 领土，为目前由葡萄牙管理的地区。 门银河，以及另外两家专营牌照持有者永利澳门有限公 司和澳门金沙娱乐场均在香港证券交易所上市。 1987年4月13日，中葡两国共同签订《关于澳门问 题的联合声明》，同意澳门于1999年12月20日回归中国 在博彩业收入超越拉斯维加斯之后，澳门正在寻找 统治，实行“一国两制”政策。就像香港特别行政区一 方法让旅客在澳门停留更长时间，以扩大经济基础。博 样，中国政府承诺澳门特别行政区享有高度自治，除了 彩业的收入已几近成为澳门的所有收益，而在拉斯维加 外交和国防事务之外，其他所有事务保持五十年不变。 斯，博彩业的收入仅仅占旅游相关产业收入的40%。这 就意味着澳门的游客倾向于在澳门逗留一两日，赌博完 毕便离开。澳门希望能改变这种状况，投入资金建设会 经济情况 展中心，大量增加酒店客房数量，希望利用利润丰富的 贸易会展行业赚钱。 澳门是一个自由港（商品进出口免关税），以博彩 业闻名，也是中国唯一一个博彩合法的地方。虽然澳门 澳门国际消费品展（Mega Macao）是澳门首个充分 大部分人说粤语，但是葡萄牙语仍然是官方语言之一， 利用新建设施的展会。在广交会上下期休会期间，该展 而英语在贸易、旅游和商业上广泛使用。自从2002年澳 会在澳门威尼斯人会展中心举行（该会展中心是澳门威 门特区博彩业开始向外资开放后，大量港资、澳资、美 尼斯人度假村的一部分，占地十万平方米，其中七万平 资陆续进入澳门投资建设酒店、赌场和会展设施，令澳 方米用于举办展览，一次性可容纳五千个展位）。 门经济规模迅速扩大。 澳门《与内地建立更紧密经贸关系的安排》 2006年，在博彩业收入超越拉斯维加斯后，澳门成 （CEPA）于2003年10月17日签署，2004年1月1日开始生 为世界上最大的博彩之都。从2008年到2012年间，澳门 效。该协定允许澳门制造的产品免关税进入中国大陆。 博彩业收入平均年增长率达到29%。2013年10月，澳门 澳门政府经济局发布的官方数据显示，自2004年1月到 博彩业月收入比上年同期增长31.7%，达到364.8亿澳门 2015年9月底，在《与内地建立更紧密经贸关系的安排》 元（46亿美元），是拉斯维加斯地区博彩业收入的六倍 的推动下，出口产品总值达到636195829澳门币。在服务 以上。但是，由于澳门经济过度依赖博彩业，中央政府 贸易方面，澳门政府经济局批准了411个“澳门服务供应

77 2016 Special Report on the State of Business in South China

export value under CEPA has reached MOP 636,195,829 from Ports and waterways January 2004 to the end of September 2015 . With respect to trade Macau Port includes an outer harbor for passenger vessels in services, Macau Economic Services has approved 411 “Macau to/from Hong Kong, as well as an inner port for cargo. The Service Supplier” certificates, for companies primarily engaged in Ka-Ho Harbor includes a fuel oil terminal and company-ex- transport and logistics; conventions and exhibitions; management clusive piers. There are regular ferries and helicopters providing consulting; construction; distribution; telecommunications; legal, 24-hour service to Hong Kong. Ferries also connect with the advertising, sales and marketing services for air transport; real es- Shekou Port in Shenzhen. tate; audiovisual services, travel agencies, medical and dental ser- vices, job referral agency services, air transport services as well as trademark agencies, and more.

Spotlight on Hengqin Island Hengqin New Area, located in the Zhuhai Special Econom- ic Zone and part of the Guangdong Free Trade Zone, is only a stone’s throw away from Macau. As part of the One Coun- try, Two Systems policy, the central government is trying to integrate the economies of Hong Kong, Macau and Mainland China. Hengqin is directly across the water from Macau, and as such is a pilot zone for integration. It has already attracted over RMB 226.3 billion (US$36.4 billion) in total investment. With professional zone management, as well as the most preferential investment policies in South China, Hengqin New Area offers appealing incentives to investors. In March 2014, China issued a “Preferential Corporate In- come Tax Catalog” for Hengqin New Area, which identified five industries and 72 business categories, such as ocean-sourced pharmaceuticals and health care, for preferential tax treatment. While China’s standard rate of corporate income tax is 25 per- cent, eligible enterprises listed in the Catalog will be taxed at a reduced 15 percent rate closer to corporate income tax levels in Hong Kong and Macau.

Infrastructure

Air Macau is accessible by air from most major cities in Asia plus a number of domestic destinations. All passengers using the modern Macau International Airport are subject to an airport tax and passenger tax.

Road Macau consists of a peninsula and the two islands of and Coloane. Three bridges, the Nobre de Carvalho Bridge, Friendship Bridge (Ponte da Amizade) and Sai Van Bridge, link the peninsula to Taipa. In addition, the two islands are linked by the six-lane 2.2 kilometer Taipa-Coloane . Con- struction of the Hong-Kong-Zhuhai Macau Bridge began at the end of 2009 and is due to be completed by the end of 2016.

78 The American Chamber of Commerce in South China

商”牌照，取得牌照的企业主要从事交通物流、会展展 览、管理咨询、建筑、配送、电信、为航空运输服务的 法律、广告和市场营销服务、房地产、视听设备、旅行 社、医药和牙科、就业推荐机构、航空运输服务以及商 标代理等。

聚焦横琴岛

横琴新区位于珠海经济特区，是广东自贸试验区 的三个片区之一，距离澳门特别行政区只有咫尺之遥。 在“一国两制”政策下，中央政府目前正在致力于推进 内地与港澳经济一体化建设。横琴岛因与澳门仅一水之 隔，成为深度合作的试点区域，目前已经吸引投资总额 达到2263亿人民币（相当于364亿美元）。横琴新区拥 有专业的管理经验，而且享有中国南部地区最优惠的投 资政策，对投资者有极大的吸引力。

2014年3月，中国政府公布横琴新区《企业所得税 优惠目录》，对五大行业共72个类别的产业企业按优惠 税率征收企业所得税，例如海洋制药及医疗保健。在中 国，企业所得税的法定税率是25%，而符合《企业所得 税优惠目录》规定产业项目的企业，则按15%的税率缴 纳企业所得税，接近香港和澳门地区的税率。

基础设施

航空

除了国内航空线路之外，澳门机场有航班飞往大多 数亚洲大城市。澳门国际机场的所有旅客均需要缴纳机 场税和旅客税。

公路

澳门由澳门半岛以及氹仔和路环两个离岛组成，南 面分别由嘉乐庇大桥、友谊大桥（新澳凼大桥）和西湾 大桥与氹仔连接。两个离岛之间则由6车道、全场2.2公 里的氹仔-路环公路相接。2009年年底开始动工的香港- 珠海-澳门大桥预计在2016年底完成通车。

水路及港口

澳门港包括外港和内港，外港为往来香港之定期客 轮上落乘客专用，而内港则用于装载货物。九澳港包括 有油库码头以及公司专业码头。二十四小时开放的渡轮 和直升机定期从香港开往澳门。澳门港也有渡轮驶往深 圳蛇口港。

79 2016 Special Report on the State of Business in South China

End

80 The American Chamber of Commerce in South China

81

The American Chamber of Commerce in South China (AmCham South Chi- na) is a non-partisan, non-profit business organization, certified in 1995 by the U.S. Chamber of Commerce in Washington D.C. AmCham South China rep- resents more than 2,300 American and International companies doing business in South China.

华南美国商会（美国商会）是一家无党派、非营利性商 业组织，由设在华盛顿特区的美国全国商会批准，于 1995年成立。华南美国商会代表了在华南地区投资经营 的超过2300家美国及国际企业。