31 measures have been issued for the Shanghai Pilot Free Trade Zone and the Lingang New Area, undertaking a major mission entrusted by the state
On September 21st, the Implementation Plan for Shanghai to Implement Several Measures for Pilot Connection with International High Standards and Promoting Institutional Opening in Conditional Free Trade Pilot Zones and Free Trade Ports was officially issued, consisting of 31 articles in 8 aspects. The plan aims to continuously promote the reform and innovation of China's Free Trade Pilot Zones and Lingang New Area, actively increase stress testing efforts, and better undertake the major mission entrusted by the country.
According to the plan, in addition to pilot measures that require relevant national departments to issue implementation rules or require accelerated implementation, the Shanghai Pilot Free Trade Zone and Lingang New Area will focus on promoting the implementation of various pilot measures in areas such as goods trade, service trade, digital trade, temporary entry of business personnel, and optimization of the business environment within one year.
In terms of promoting innovative development in goods trade, the Shanghai Pilot Free Trade Zone and the Lingang New Area should formulate pilot plans for the import of remanufactured products and submit them to the national commerce regulatory department for approval before implementation. Some goods that temporarily enter the Shanghai Pilot Free Trade Zone and the Lingang New Area from overseas may temporarily not pay customs duties, import value-added tax, and consumption tax after the taxpayer provides guarantees to the customs at the time of entry. When an enterprise applies for import customs declaration, if there are only minor errors such as printing errors, typing errors, or omissions of non critical information in the certificate of origin provided by the enterprise, or if there are slight differences between documents, the customs can provide the enterprise with preferential tariff treatment after confirming the qualification of the original origin of the goods. The enterprise does not need to repeatedly modify or submit application materials.
In terms of promoting the freedom and convenience of trade in services, foreign financial institutions applying to carry out new financial services already carried out by Chinese financial institutions in the Shanghai Pilot Free Trade Zone and the Lingang New Area, the Shanghai financial management department shall implement new financial service licenses for foreign financial institutions in accordance with the type, nature, licensing requirements, and licensing procedures specified by the national financial management department, fully grant national treatment to foreign financial institutions, and conduct prudent supervision.
In terms of facilitating the temporary entry of business personnel, foreign-invested enterprises registered in the Shanghai Pilot Free Trade Zone and the Lingang New Area can enjoy the convenience of port visa processing for their accompanying family members who have internally transferred experts. The port visa authority will apply for an S2 visa for their entry and exit, with a stay period of 30 days. Senior management personnel and accompanying family members of foreign enterprises planning to establish branches or subsidiaries in the Shanghai Pilot Free Trade Zone and Lingang New Area can also enjoy the convenience of port visa processing.
In terms of increasing efforts to optimize the business environment, the Shanghai Pilot Free Trade Zone and the Lingang New Area should allow all transfers related to foreign investment that are genuine and compliant to be freely remitted in and out without delay. The salary income and other legitimate income of foreign employees of foreign-invested enterprises and employees in Hong Kong, Macao, and Taiwan can be freely remitted in accordance with the law. No unit or individual shall illegally restrict the currency, amount, and frequency of incoming and outgoing remittances.