Page 92 - 2020 Special Report on the State of Business in South China
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cities and counties by the fair competition review Pilot Implementation of the Foreign Exchange
system by the end of 2019. Management Reform in the China (Fujian) Pilot
Free Trade Pilot Zone”, which propose six cross-
iii. Further reducing the burden of corporate border investment and financing facilitation
taxes and fees, and reducing corporate production measures extending the policy to all enterprises
and operating costs in the Fuzhou and Pingtan Pilot Free Trade Pilot
Areas to integrate and optimize simplified foreign
The Fujian Opinions require: (a) the full exchange registration management and increase
implementation of tax and fee reduction policies the convenience of investment and financing
by adhering to the combination of inclusive tax by providing for convenient funds settlement,
reductions and structural tax reductions, and flexible foreign exchange registration, freer equity
reducing the tax burden on manufacturing and investment, diversified borrowing of foreign
small and micro-enterprises; (b) elimination of debt, looser cross-border financing and easier
logistics, certification, inspection, testing and cancellation of foreign debt.
public utilities charges by fully implementing
"online, test, charge"; and (c) strict implementation Over the past four years since the China (Fujian)
of the inventory list for enterprise-related deposits Pilot Free Trade Zone was established, the system
and loosening of enterprise-related deposit has achieved remarkable results in innovation.
payment standards. As of November 2019, the State Council and
the General Office of the State Council issued a
Special Economic Zones document to replicate and promote a total of 69
pilot experiences in the Pilot Free Trade Pilot Zone,
China (Fujian) Pilot Free Trade Zone which is at the forefront of the National Pilot Free
Trade Pilot Zone, effectively highlighting the role of
The China (Fujian) Pilot Free Trade Zone was the Pilot Free Trade Pilot Zone in deepening reform
officially established on December 31, 2014, and and opening-up. As of June 2019, a total of 3,967
the opening ceremony was held in Fuzhou on April new foreign-funded enterprises and contractual
21, 2015. The China (Fujian) Pilot Free Trade Zone foreign capital of USD28.81 billion were added.
covers 118.04 square kilometers, including the The number of new foreign-funded and Taiwan-
Pingtan Area, Xiamen Area and Fuzhou Area. The funded enterprises and the contract value
Pingtan Area is designed to: (i) be developed into accounted for nearly half of the province. The
a cross-strait common home and international development momentum of the free trade zone
tourist island; and (ii) to provide more facilities for has been significantly improved, and a number
the free and convenient exchange of investment, of new business platforms such as "Silk Road
trade, capital and personnel. The Xiamen Area Shipping", financial leasing, aircraft maintenance
will be developed into a demonstration area for and the Internet of Things have been cultivated
cross-strait emerging and modern service industry and strengthened. As of September 2019, a total
cooperation, a southeast international shipping of 8.67 million new enterprises and registered
center, and a cross-strait regional financial capital of Rmb1.9 trillion have been added to the
service and trade center. The Fuzhou Area will zone, which are 5.7 times and 8.6 times the total
be developed into an advanced manufacturing of the calendar year before listing.
base, an important platform for the exchange
and cooperation among countries along the 21st Fuzhou Area of China (Fujian) Pilot
Century Maritime Silk Road, and a demonstration Free Trade Zone
area for cross-strait service trade and financial
innovation cooperation. The Fuzhou area of China (Fujian) Pilot Free
Trade Zone covers 31.26 square kilometers
On July 2, 2019, the Fujian Provincial Branch and is divided into the Fuzhou Economic and
of the State Administration of Foreign Exchange Technological Development Zone (22 square
issued the “Implementation Rules for the kilometers) and the Fuzhou Bonded Port Area (9.26
square kilometers).
92
system by the end of 2019. Management Reform in the China (Fujian) Pilot
Free Trade Pilot Zone”, which propose six cross-
iii. Further reducing the burden of corporate border investment and financing facilitation
taxes and fees, and reducing corporate production measures extending the policy to all enterprises
and operating costs in the Fuzhou and Pingtan Pilot Free Trade Pilot
Areas to integrate and optimize simplified foreign
The Fujian Opinions require: (a) the full exchange registration management and increase
implementation of tax and fee reduction policies the convenience of investment and financing
by adhering to the combination of inclusive tax by providing for convenient funds settlement,
reductions and structural tax reductions, and flexible foreign exchange registration, freer equity
reducing the tax burden on manufacturing and investment, diversified borrowing of foreign
small and micro-enterprises; (b) elimination of debt, looser cross-border financing and easier
logistics, certification, inspection, testing and cancellation of foreign debt.
public utilities charges by fully implementing
"online, test, charge"; and (c) strict implementation Over the past four years since the China (Fujian)
of the inventory list for enterprise-related deposits Pilot Free Trade Zone was established, the system
and loosening of enterprise-related deposit has achieved remarkable results in innovation.
payment standards. As of November 2019, the State Council and
the General Office of the State Council issued a
Special Economic Zones document to replicate and promote a total of 69
pilot experiences in the Pilot Free Trade Pilot Zone,
China (Fujian) Pilot Free Trade Zone which is at the forefront of the National Pilot Free
Trade Pilot Zone, effectively highlighting the role of
The China (Fujian) Pilot Free Trade Zone was the Pilot Free Trade Pilot Zone in deepening reform
officially established on December 31, 2014, and and opening-up. As of June 2019, a total of 3,967
the opening ceremony was held in Fuzhou on April new foreign-funded enterprises and contractual
21, 2015. The China (Fujian) Pilot Free Trade Zone foreign capital of USD28.81 billion were added.
covers 118.04 square kilometers, including the The number of new foreign-funded and Taiwan-
Pingtan Area, Xiamen Area and Fuzhou Area. The funded enterprises and the contract value
Pingtan Area is designed to: (i) be developed into accounted for nearly half of the province. The
a cross-strait common home and international development momentum of the free trade zone
tourist island; and (ii) to provide more facilities for has been significantly improved, and a number
the free and convenient exchange of investment, of new business platforms such as "Silk Road
trade, capital and personnel. The Xiamen Area Shipping", financial leasing, aircraft maintenance
will be developed into a demonstration area for and the Internet of Things have been cultivated
cross-strait emerging and modern service industry and strengthened. As of September 2019, a total
cooperation, a southeast international shipping of 8.67 million new enterprises and registered
center, and a cross-strait regional financial capital of Rmb1.9 trillion have been added to the
service and trade center. The Fuzhou Area will zone, which are 5.7 times and 8.6 times the total
be developed into an advanced manufacturing of the calendar year before listing.
base, an important platform for the exchange
and cooperation among countries along the 21st Fuzhou Area of China (Fujian) Pilot
Century Maritime Silk Road, and a demonstration Free Trade Zone
area for cross-strait service trade and financial
innovation cooperation. The Fuzhou area of China (Fujian) Pilot Free
Trade Zone covers 31.26 square kilometers
On July 2, 2019, the Fujian Provincial Branch and is divided into the Fuzhou Economic and
of the State Administration of Foreign Exchange Technological Development Zone (22 square
issued the “Implementation Rules for the kilometers) and the Fuzhou Bonded Port Area (9.26
square kilometers).
92
