Page 84 - 2019 Special Report on the State of Business in South China
P. 84
Fig 9 Fujian ranked 10th by size of economy
Note:Asof 2017
Source: Wind
The Plan urges further opening-up and regulatory “Implementation Plan”). The Implementation Plan
innovation in the financial sector. According to the introduces 20 specific guiding policies and measures
Plan, qualified multinational companies in the pilot from 5 aspects including (i) extensively remove limits on
FTZ may file for intra-group cross-border two-way RMB market access and promote market-oriented investment,
capital pool business based on their operational needs. (ii) deepen the reform of “streamlining administration,
The pilot FTZ should support the development of the delegating more powers, improving regulation and
national fund management service platform with the provide better services” and improve investment
focus on project investment and financing services; facilitation, (iii) enhance investment promotion and
improve financial regulatory system to avoid systemic improve the quality and level of investment attraction,
financial risks; improve cross-border funds monitoring (iv) strengthen the protection for investment and create
system and mechanism to strengthen work on anti- a high-standard environment for investment, and
money laundering, anti-terrorism financing, and anti- (v) promote the innovation and improvement in the
tax evasion; further take advantage of coastal regions of development zone and take further advantage of foreign
being close to Taiwan and deepen cross-Straits economic investment as a platform:
cooperation; allow qualified banking and financial
institutions in the pilot FTZ to open NTD accounts Remove the restrictions on foreign ownership in
for foreign enterprises and individuals, and improve the banking industry, extend the ceiling of foreign
the system for cross-Straits banknotes allocation and ownership in securities companies, securities investment
transportation; and support to build the Haixia Equity fund managers, futures companies and personal insurers
Exchange as a specialized regional equity market. to 51%, and loose restrictions on the scope of business
in foreign-funded financial institutions;
Implementation Plan of Fujian Province on
Implementing Several Measures for Active Step up efforts to attract more foreign investment in
and Effective Use of Foreign Investment to areas relating to the sectors no longer subject to foreign
Promote High-Quality Economic Development investment restriction, including trunk railway road
networks, power grids, railway passenger transportation
In October 2018, the Department of Commerce of companies, international maritime freight services,
Fujian Province released the Implementation Plan of international ship agency services, gas stations, grain
Fujian Province on Implementing Several Measures procurement and wholesale, business premises offering
for Active and Effective Use of Foreign Investment to internet access services;
Promote High-Quality Economic Development (the
84
Note:Asof 2017
Source: Wind
The Plan urges further opening-up and regulatory “Implementation Plan”). The Implementation Plan
innovation in the financial sector. According to the introduces 20 specific guiding policies and measures
Plan, qualified multinational companies in the pilot from 5 aspects including (i) extensively remove limits on
FTZ may file for intra-group cross-border two-way RMB market access and promote market-oriented investment,
capital pool business based on their operational needs. (ii) deepen the reform of “streamlining administration,
The pilot FTZ should support the development of the delegating more powers, improving regulation and
national fund management service platform with the provide better services” and improve investment
focus on project investment and financing services; facilitation, (iii) enhance investment promotion and
improve financial regulatory system to avoid systemic improve the quality and level of investment attraction,
financial risks; improve cross-border funds monitoring (iv) strengthen the protection for investment and create
system and mechanism to strengthen work on anti- a high-standard environment for investment, and
money laundering, anti-terrorism financing, and anti- (v) promote the innovation and improvement in the
tax evasion; further take advantage of coastal regions of development zone and take further advantage of foreign
being close to Taiwan and deepen cross-Straits economic investment as a platform:
cooperation; allow qualified banking and financial
institutions in the pilot FTZ to open NTD accounts Remove the restrictions on foreign ownership in
for foreign enterprises and individuals, and improve the banking industry, extend the ceiling of foreign
the system for cross-Straits banknotes allocation and ownership in securities companies, securities investment
transportation; and support to build the Haixia Equity fund managers, futures companies and personal insurers
Exchange as a specialized regional equity market. to 51%, and loose restrictions on the scope of business
in foreign-funded financial institutions;
Implementation Plan of Fujian Province on
Implementing Several Measures for Active Step up efforts to attract more foreign investment in
and Effective Use of Foreign Investment to areas relating to the sectors no longer subject to foreign
Promote High-Quality Economic Development investment restriction, including trunk railway road
networks, power grids, railway passenger transportation
In October 2018, the Department of Commerce of companies, international maritime freight services,
Fujian Province released the Implementation Plan of international ship agency services, gas stations, grain
Fujian Province on Implementing Several Measures procurement and wholesale, business premises offering
for Active and Effective Use of Foreign Investment to internet access services;
Promote High-Quality Economic Development (the
84
