Page 342 - 2017 White Paper
P. 342
7 White Paper on the Business Environment in China
Lifted Restrictions Macau can now set up branches in the FTZ.
· Commercial banks are encouraged to set up
Service Provision between Hong Kong, Macau and
Guangdong institutions in the FTZ to conduct offshore foreign
currency activities
· Hong Kong and Macau ser vice providers
are now allowed to set up wholly foreign-owned · Eligible investors from Hong Kong or Macau
international shipping enterprise within the FTZ operating non-financial institutions in the FTZ may now
provide third party payment services.
· Hong Kong and Macau service providers are
now allowed to set up intermediary service institutions · Eligible institutions registered Hong Kong or
for studying abroad at one’s own expenses within the Macau may now set up financial leasing companies in
FTZ the FTZ.
· Hong Kong/Macau-invested travel agencies Tax Policies
(capped at a number of five, separately) are now allowed
to provide overseas group travel services (with the The Plan states that the tax incentives implemented in
exception of Taiwan) the Shenzhen Qianhai Development Zone and Zhuhai
Hengqin New Area shall not apply to the other parts of
· Hong Kong/Macau investors are now allowed the Guangdong FTZ.
to provide high-end medical services and launch pilot
schemes to exchange patients among one another Spotlight on Guangzhou’s Changing
Identity
Shipping
Traditionally considered a manufacturing base,
· Wholly foreign-owned international shipping Guangzhou is increasingly being recognized for its
management enterprises is now allowed. growing amount of domestic consumption. From 2012,
total retail sales in the city increased by 32.7 percent
· The limit on the number of shares a foreign and reached 793.296 billion yuan in 2015. Growth
entity may now own in an international shipping in retail sales is largely being fueled by Guangzhou’s
enterprise is raised: a foreign entity may hold up to 51 large population and high wages, as well as its efficient
percent of shares in an international shipping agency. infrastructure.
The Guangdong local government will take charge of · Guangzhou is a city of 13.5 million people and
the approval procedures for foreign-invested enterprises the nation’s third-largest metropolitan economy.
(FIEs) engaging in international shipping management
business. · In 2015, regional GDP totaled 1.810 trillion
yuan, ranking third in the country, trailing Shanghai and
Further Opening-up of the Financial Services Sector Beijing.
· Enterprises and financial institutions in the FTZ · Among the highest in the country, average
may now borrow RMB funds from overseas lenders. monthly wages in Guangzhou grew to 6764 yuan in
2015. Guangzhou’s monthly minimum wage rose by
· Parent company based in Hong Kong or Macau 22.3 percent from 1550 yuan to 1895 yuanin 2015 –
with a subsidiary in the FTZ may issue RMB-denominated the second highest in the province behind Shenzhen.
bonds in China. Meanwhile, the city’s minimum hourly wage increased
from 15 yuan to 18.3 yuan.
· Non-banking financial institutions located in
the FTZ may now conduct cross-border RMB settlements. Guangdong’s strength in foreign trade is evident in
the following figures (from Guangdong Statistical Report
· Eligible foreign financial institutions may 2015):
now set up foreign-owned banks within the FTZ; and
Qualified Foreign Financial Institutions may set up · Total exports rose by 0.8 percent year-on-year
banking joint ventures with Chinese enterprises, within to 3998.3 billion yuan.
the FTZ.
· Eligible insurance companies and insurance
intermediary institutions that are based in Hong Kong or
342
Lifted Restrictions Macau can now set up branches in the FTZ.
· Commercial banks are encouraged to set up
Service Provision between Hong Kong, Macau and
Guangdong institutions in the FTZ to conduct offshore foreign
currency activities
· Hong Kong and Macau ser vice providers
are now allowed to set up wholly foreign-owned · Eligible investors from Hong Kong or Macau
international shipping enterprise within the FTZ operating non-financial institutions in the FTZ may now
provide third party payment services.
· Hong Kong and Macau service providers are
now allowed to set up intermediary service institutions · Eligible institutions registered Hong Kong or
for studying abroad at one’s own expenses within the Macau may now set up financial leasing companies in
FTZ the FTZ.
· Hong Kong/Macau-invested travel agencies Tax Policies
(capped at a number of five, separately) are now allowed
to provide overseas group travel services (with the The Plan states that the tax incentives implemented in
exception of Taiwan) the Shenzhen Qianhai Development Zone and Zhuhai
Hengqin New Area shall not apply to the other parts of
· Hong Kong/Macau investors are now allowed the Guangdong FTZ.
to provide high-end medical services and launch pilot
schemes to exchange patients among one another Spotlight on Guangzhou’s Changing
Identity
Shipping
Traditionally considered a manufacturing base,
· Wholly foreign-owned international shipping Guangzhou is increasingly being recognized for its
management enterprises is now allowed. growing amount of domestic consumption. From 2012,
total retail sales in the city increased by 32.7 percent
· The limit on the number of shares a foreign and reached 793.296 billion yuan in 2015. Growth
entity may now own in an international shipping in retail sales is largely being fueled by Guangzhou’s
enterprise is raised: a foreign entity may hold up to 51 large population and high wages, as well as its efficient
percent of shares in an international shipping agency. infrastructure.
The Guangdong local government will take charge of · Guangzhou is a city of 13.5 million people and
the approval procedures for foreign-invested enterprises the nation’s third-largest metropolitan economy.
(FIEs) engaging in international shipping management
business. · In 2015, regional GDP totaled 1.810 trillion
yuan, ranking third in the country, trailing Shanghai and
Further Opening-up of the Financial Services Sector Beijing.
· Enterprises and financial institutions in the FTZ · Among the highest in the country, average
may now borrow RMB funds from overseas lenders. monthly wages in Guangzhou grew to 6764 yuan in
2015. Guangzhou’s monthly minimum wage rose by
· Parent company based in Hong Kong or Macau 22.3 percent from 1550 yuan to 1895 yuanin 2015 –
with a subsidiary in the FTZ may issue RMB-denominated the second highest in the province behind Shenzhen.
bonds in China. Meanwhile, the city’s minimum hourly wage increased
from 15 yuan to 18.3 yuan.
· Non-banking financial institutions located in
the FTZ may now conduct cross-border RMB settlements. Guangdong’s strength in foreign trade is evident in
the following figures (from Guangdong Statistical Report
· Eligible foreign financial institutions may 2015):
now set up foreign-owned banks within the FTZ; and
Qualified Foreign Financial Institutions may set up · Total exports rose by 0.8 percent year-on-year
banking joint ventures with Chinese enterprises, within to 3998.3 billion yuan.
the FTZ.
· Eligible insurance companies and insurance
intermediary institutions that are based in Hong Kong or
342
