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E-mail China.org.cn, February 7, 2024
Bloomberg:
My question is about foreign investment in China. Recently, the Chinese government introduced 24 measures aimed at expanding efforts to attract foreign investment. Not long ago, a representative from the Japanese Chamber of Commerce and Industry in China mentioned that while the Chinese government has made efforts to ensure personal income tax reductions and facilitate visa applications, there are still specific issues in other areas that have not been implemented. Additionally, there are no further detailed rules regarding the new regulations on cross-border data transmission. What measures will the MOFCOM take to address the concerns of businesses in these areas?
Wang Wentao:
Last year, the State Council issued the Opinions on Further Optimizing the Foreign Investment Environment and Increasing Efforts to Attract Foreign Investment, commonly referred to as the "24 Measures to Attract Foreign Investment." After the release of these measures, the MOFCOM, together with relevant departments and local governments, further refined work tasks, implemented measures, and set timelines. We also conducted promotion and interpretation through press conferences, roundtable meetings with foreign-invested enterprises, and other events. Many journalists present here also contributed to the extensive promotion and introduction of these measures.
You just asked about the implementation of these measures. I would like to first provide an introduction to friends from the media. The guidelines to further optimize China's foreign investment environment and beef up foreign investment inflow contain 59 specific policies and measures. Over the past five months, we have worked hard with relevant departments to advance their implementation. Overall, over 60% of the policies and measures have been implemented or made positive progress. To be specific, among 59 policies and measures, we have completed 10 items, made phased progress in the implementation of 28 items, and continued to advance the implementation of 21 items. Just as you mentioned, policies such as tax exemption for foreign personal allowances and benefits and tax refunds for foreign-funded R&D institutions purchasing Chinese-made equipment have been extended until the end of 2027. For another example, the new version of the foreign permanent resident ID card has been officially put into use, and the guide for foreign businesspeople working and living in China has been released. These measures have facilitated travel, life, and consumption for foreign friends in China.
With regard to the regulations you mentioned to regulate and promote cross-border data flows, what I can tell you is that our competent authorities are driving forward the issuance of these regulations. Concerning 59 policies of the guidelines, local governments are also making supporting implementation arrangements and introducing some policies based on the characteristics of local foreign-funded enterprises.
I would also like to point out that foreign-funded enterprises have the best say on how these measures are implemented and whether they are effective. We are now making assessments by means of questionnaires and symposiums to get to know the real thoughts of foreign-funded enterprises. At present, over 90% of foreign-funded enterprises have given positive feedback. Of course, they also raise many opinions and expectations. We have attached great importance to them and will work on them in our follow-up work. The MOFCOM will continue to accelerate the implementation of these measures and release information about the work concerning government procurement, standard formulation, and investment facilitation, which are of general concern to foreign-funded enterprises, in a timely manner. Here, I would like to tell you that whatever difficulties and problems foreign-funded enterprises encounter, they can report them to the MOFCOM through at least three channels. The first one is the special work group on key foreign capital programs; the second one is the roundtable meeting of foreign-funded enterprises; and the third one is the online system for the collection and handling of problems and appeals of foreign-funded enterprises. We will actively promote the solution of these problems and the implementation of relevant policies and measures.
Thank you.
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