Guangdong is moving forward with a plan to further open its economy to foreign investors. The government has put forth ten new rules aimed at improving the conditions for the manufacturing, service and financial sectors. The rules address issues such as foreign capital admission, land use and tax collection.
According to the Asia Times, “some 30% of restricted areas which were previously limited to foreign investors will no longer have a cap on foreign share ownership, including special and new energy vehicles manufacturing, ship design, general aircraft maintenance as well as setting up foreign investment banks and securities companies.”
The government will also reward foreign investors who choose to do business in Guangdong.
Liu Xiongwei, director of the Trade and Industry Development Division at Guangdong Provincial Finance Bureau, explained that the new policies will work to attract Top 500 global companies, as well as “new high technology sectors and major manufacturing programs.”