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The China (Shanghai) Pilot Free Trade Zone Opens: a Bold Milestone in China’S Economic Reform Journey

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The China (Shanghai) Pilot Free Trade Zone Opens: a Bold Milestone in China’S Economic Reform Journey Legal Update Mainland China 30 September 2013 The China (Shanghai) Pilot Free Trade Zone Opens: A Bold Milestone in China’s Economic Reform Journey The China (Shanghai) Pilot Free Trade Zone (FTZ) 2. Deepening the opening-up of was declared open yesterday amid much anticipation investment areas through the following from Chinese and foreign businesses. measures: Hot on the heels of the Grand Opening, this morning • Deepening the opening-up of service sectors. saw the issuance of a “Negative List” and at least five According to the Overall Plan, the FTZ will offer sets of FTZ regulations. The Negative List includes easier investment access and provide support for prohibited and restricted businesses; any business the following 18 service sectors in the FTZ: not on the list requires no approval but must file for i. Banking services the purposes of records. The five sets of regulations » Allowing qualified foreign finance relate to the administrative measures of the FTZ institutions to set up foreign-invested Management Committee, and to the filing of banks, and permitting qualified private enterprises and projects both of foreign investors as capital to set up Sino-foreign joint well as of Chinese enterprises investing overseas. venture banks with foreign finance The FTZ consists of Waigaoqiao Free Trade Zone, institutions. Waigaoqiao Free Trade Logistics Park, Yangshan » Allowing qualified Chinese banks to Free Trade Port Area, and Pudong Airport conduct offshore business. Comprehensive Free Trade Zone, and covers an area ii. Professional healthcare medical insurance of nearly 29 square kilometres in Shanghai. » Allowing the establishment of foreign Two days earlier, on 27 September, the China State invested professional healthcare medical Council released the Overall Plan for China insurance institutions. (Shanghai) Pilot Free Trade Zone (“Overall Plan”). iii. Financial leasing According to the Overall Plan, the FTZ has been » Cancelling the minimum registered designed as an experimental platform for the Chinese capital requirements for the government to transform its functions in the new era, establishment of single aircraft or single to actively explore the innovation of management vessel company subsidiaries by financial patterns, to promote the facilitation of trade and leasing companies. investment, and to explore new channels and » Allowing financial leasing companies to accumulate new experience for overall deepening of concurrently operate factoring businesses economic reform and opening-up. that are associated with their primary The major tasks and measures in connection with the business. FTZ are: iv. Ocean cargo transportation » Relaxing the restriction over the 1. Acceleration of the transformation of proportion of foreign equities in equity, government functions by deepening and cooperation joint venture administrative management system international shipping enterprises. reform. » Allowing the non-Chinese Flag vessels owned or controlled by the Chinese enterprises to pioneer the passing enterprises (excluding engineering business of the containers for import and investigation enterprises) that provide export between Shanghai Port and other services in the FTZ to Shanghai. domestic coastal ports. xiv. Construction services v. International ship management » Cancelling the equity restriction for » Allowing the establishment of wholly Sino-foreign joint construction projects foreign-owned shipping management in Shanghai taken over by wholly foreign- enterprises. owned construction enterprises vi. Value-added telecommunications established in the FTZ. » Allowing foreign enterprises to run xv. Performance brokerage certain designated value-added » Cancelling the equity restriction for telecommunications businesses. foreign-invested performance agencies vii. Selling and servicing of game consoles and and allowing the establishment of wholly machines foreign-owned performance agencies to provide services to Shanghai. » Allowing foreign enterprises to produce and sell game consoles and machines. xvi. Entertainment venues viii. Legal services » Allowing the establishment of wholly foreign-owned entertainment venues to » Exploring methods and mechanisms to provide services in the FTZ. enhance cooperation between Mainland Chinese law firms and foreign law firms xvii. Educational and vocational training (Hong Kong, Macau and Taiwan). » Allowing the establishment of Sino- ix. Credit investigation services foreign cooperation education training institutions. » Allowing the establishment of foreign- invested investigation enterprises. » Allowing the establishment of Sino- foreign cooperation vocational training x. Travel agencies institutions. » Allowing Sino-foreign joint venture travel xviii. Medical service agencies to be registered to provide overseas travel services (except in » Allowing the establishment of wholly Taiwan). foreign-owned healthcare institutions. xi. Human resources agencies • Exploring and establishing a Negative List » Allowing the establishment of Sino- management pattern. The Negative List issued foreign joint venture human resources today covers 18 sectors including manufacturing, agencies, provided that the foreign equity finance, public services, education and real interests do not exceed 70 percent of the estate. It is stipulated in the list that foreign total equity interests. Hong Kong and investors are banned from conducting certain Macau service providers are allowed to types of business including, among others, salt establish wholly-owned human resources wholesaling, auctioning cultural relics, air traffic agencies. control, and making new websites available. In addition, foreign companies are prohibited » Reducing the minimum registered capital from constructiing and operatiing villas. Foreign for foreign human resources agencies investment in businesses not included on the from US$300,000 to US$125,000. Negative List will only need to be filed (for the xii. Investment management purposes of records) with the government without » Allowing the establishment of joint stock any approval required. foreign-invested investment companies. • Establishing overseas investment service xiii. Engineering design promotion system. The FTZ will implement a » Cancelling the engineering design filing-based management approach for overseas performance requirement, when applying investment, so as to promote the facilitation of for the qualification for the first time, for overseas investment. foreign-invested engineering design 2 Mayer Brown JSM | The China (Shanghai) Pilot Free Trade Zone Opens: A Bold Milestone in China’s Economic Reform Journey 3. Promoting the transformation of trade The five main regulations announced early this development pattern. morning are: In short, the FTZ will encourage multinationals 1. Administrative Measures for China (Shanghai) to establish their Asia-Pacific regional Pilot Free Trade Zone headquarters within the zone. In addition, the 2. Administrative Measures for Filing of Overseas FTZ will actively develop shipping finance, Investment Enterprises of China (Shanghai) Pilot international shipping, international ship Free Trade Zone management, international shipping brokers and 3. Administrative Measures for Filing Foreign- other industries within the zone. invested Enterprises of China (Shanghai) Pilot Free Trade Zone 4. Deepening the opening-up and 4. Administrative Measures for Filing of Overseas innovation of the finance sector Investment Projects of China (Shanghai) Pilot through the implementation of the Free Trade Zone following measures: 5. Administrative Measures for Filing Foreign- • Accelerating finance system innovation. invested Projects of China (Shanghai) Pilot Free The FTZ will start trial programs of RMB Trade Zone convertibility under the capital account, market- oriented interest rates, and cross-border RMB In the days ahead, it is expected that more transactions. regulations and guidelines will be issued by the government with the aim of implementing the • Enhancing financial service functions. Financial objectives mentioned in the Overall Plan. The services will be opened up to eligible domestic regulations and policies are unlikely to be as drastic capital and foreign financial institutions. as the speculation and rumours in the press and on Establishment of whollyforeign-owned and the internet suggest, but will at least attest to the Sino-foreign joint ventures in the FTZ will also be determination of the government to test out encouraged. Foreign companies will be gradually important, and long awaited, economic reforms. permitted to participate in commodity futures trading. 5. Perfecting the legal environment. With a view to accelerating the formation of a high-standard investment and trade rule system, starting from 1 October 2013, the relevant administrative examination and approval items stipulated in the three foreign-invested enterprise laws will be adjusted in the FTZ on a three-year trial basis. In addition, relevant supervisory and tax policies would also be implemented within the FTZ according to the Overall Plan. For example, Customs supervision in the FTZ would be greatly simplified, allowing goods to be imported into and processed in the FTZ and re-exported with less intervention or supervision from Customs. Companies and individuals can pay income taxes by instalment within a period of five years for the added value from non-currency asset outbound investment. Tax exemption will be granted to companies registered in the zone concerning
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