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15 July 2015

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Changsha Issues 16 Measures to Attract Foreign Investment

Changsha has recently released the Several Measures for Making Greater Use of Foreign Investment to Promote High-quality Economic Development (hereinafter referred to as "the Measures"), in a bid to attract foreign investment.
According to the person in charge of the Changsha Commerce Bureau, the Measures focuses on foreign enterprises’ introduction, settlement, and development. The document includes 16 specific measures concerning expanding the use of foreign investment, increasing the effectiveness of attracting foreign investment, guaranteeing foreign investment factors, and creating a first-class business environment.
Some highlights include:
-Implementing the negative list for foreign investment market access and giving equal treatment to domestic and foreign investors;
-Encouraging foreign investment in advanced manufacturing, and promoting the implementation of foreign-invested manufacturing projects concerning the 22 emerging and advantageous industrial chains in Changsha;
-Encouraging foreign investors to participate in Changsha’s major areas construction, and supporting eligible industrial parks like Xiangjiang New Area in establishing international industrial development parks and international cooperation parks to guide overseas enterprises’ agglomeration development.
-Encouraging Changsha’s six major areas, namely, Yuelu Mountain National University Science and Technology Town, Malanshan Video Cultural and Creative Industrial Park, Changsha Airport-related Economic Demonstration Zone, Changsha High-speed Rail Convention & Exhibition New Town, Hunan Financial Center, and Changsha Southern Area, to highlight foreign investment and focus on introducing foreign-invested projects according to their industrial development plans.
The Measures also supports foreign-funded enterprises to introduce talents. If qualified, these talents will be included in a Changsha talent promotion program. Multiple-entry visa with a maximum validity period of 5 years and a maximum stay of 180 days; or residence certificate valid for no more than 5 years will be issued to foreign high-level talents, professionals, and investors in short supply.
In addition, the Measures proposes to reduce enterprises’ costs in land transfer, electricity, gas use, and financing, so as to enhance the guarantee of foreign investment factors.