Excerpts: The model of foreign investment administration should be reformed. Probing efforts should be made on the implementation of the pre-entry national treatment and the negative list for foreign investment. In the areas outside the purview of the special administrative measures (negative list) on foreign investment access, the foreign investment projects should be subject to the registration procedure same as required of the domestic enterprises (except for those investment projects for which the State Council withholds the mandate of verification), which is to be conducted by Fujian Province, in compliance with the principle of uniform treatment for domestic- and foreign-funded enterprises. In accordance with the authorization by the Standing Committee of the National People’s Congress, the previous review and approval procedures concerning the establishment and alteration of foreign-funded enterprises, as well as their investment contracts and corporate charters, should be replaced by registration procedures. The registration procedures should be conducted by Fujian Province, and the matters after the registration should be dealt with as per relevant regulations of the state.    

The market access for foreign investors should be broadened. The Pilot Free Trade Zone should implement the negative approach to foreign investment, in view of reducing and eliminating barriers to foreign investments, as well as increasing openness and transparency. The areas of shipping services, commerce and trade services, professional services, cultural services, social services and advanced manufacture should be identified as priority sectors to embrace greater extents of openness, with a view to attracting foreign investment with enthusiasm and efficiency. The threshold for foreign-funded investment companies should be lowered. Steady progress should be made in the experimental efforts on foreign-funded factoring businesses and pawnshops. Measures should be taken to consolidate the investors’ rights and interests. The qualified overseas investors should be allowed to transfer their lawful earnings on investment as they see fit.     

The foreign inverstors should be allowed to establish solely foreign-funded international vessel management enterprises. Within the Pilot Free Trade Zone, the limitation on foreign interests in the Sino-foreign joint ventures (by stock or cooperation) in international vessel management should be eased. The foreign businesses should be allowed to form Sino-foreign joint ventures in international vessel agency service, by stock or cooperation, with the cap on foreign interests raised to 51%. The power to authorize foreign businesses for international vessel management should be delegated to Fujian Province, in view of simplifying the licensing procedure for international shipping service. The innovation on the registration procedure for international vessels should be accelerated. The current favorable tax policy concerning the “flag of convenience” vessels invested by Chinese businesses should be fully leveraged, so as to encourage qualified vessels to be registered in the Pilot Free Trade Zone. The Pilot Free Trade Zone should be allowed to experiment on the LCL (less-than-container-load) express service via international ports and the transit ports of Taiwan, Hong Kong and Macau. The cruise liner enterprises funded by businesses from Mainland China and registered in the Pilot Free Trade Zone should be allowed to operate their “flag of convenience” cruise liners between the Mainland, Taiwan, Hong Kong and Macau upon approval. The non-five-star-flag vessels owned or controlled by Chinese-funded companies should be allowed for trial incidental operations of import and export containers between the ports within the Pilot Free Trade Zone and the other Chinese ports along the coastline. The qualified ports within the Pilot Free Trade Zone are advocated to endeavor towards the 72-hour visa-free transit policy for a select number of countries.

The reform on foreign exchange administration should be deepened. The registration of foreign exchange related to direct investment should be delegated to the banks. The foreign exchange capital funds under the item of foreign direct investment should be subject to voluntary settlement. The ratio of foreign-related lending should be further increased. Investment and financing facilitation should be advanced. Domestic- and foreign-funded enterprises should be subject to uniform policies related to foreign debts. A diligent macro management system on foreign debts should be established and consolidated.