East China’s Jiangsu province has released a slew of pragmatic and effective policies and measures to promote the legalized, internationalized and facilitated business environment for foreign-funded enterprises.
Phoenix Contact, a German-funded enterprise and a market leader of industrial connection technology, automation technology, electronic Interface systems and surge protection, was shipping a batch of equipment to its new plant in Nanjing Jiangning Economic Development Zone where its local subsidiary is headquartered. According to the regulations, environmental re-evaluation needs to be made over the equipment once it changes its address, which will inevitably affect the production and fill out the orders.
The relevant departments of the development zone approved the local subsidiary of Phoenix Contact to enjoy the credit commitment system specially designed for large investment projects of foreign-funded enterprises due to its good credit ratings, thus eliminating the trouble of re-approval.
13 development zones across the province have launched the credit commitment system for foreign-funded projects whose credit ratings have measured up to standards. They will be waived pre-examination and approval in terms of energy evaluation, environmental evaluation and urban management.
In order to further improve the environment for foreign-invested businesses, the provincial department of commerce will also establish a coordination mechanism at the provincial and municipal levels to solve major critical issues in the process of utilizing foreign capital.
At the same time, the provincial authorities have created an upgraded version of the transformation of government functions, entrusting each prefectural city and state-level development zones to approve and manage the launch or re-naming of foreign companies with a total investment of less than US$1 billion in the negative list.
Jiangsu will also strengthen intellectual property protection, foster international service organizations, and create a legalized business environment that are of great concern to foreign-funded businesses.
(Source：ourjiangsu.com)
