Facing current complicated domestic and international situations and in order to maintain stable and healthy economic development, we must continue to increase domestic demand, unswervingly expand opening up, implement a more proactive open-up strategy, and further create a fair, convenient, predictable and attractive environment for foreign investments.
Firstly, we need to deepen the reform of streamlining government and delegating authorities, power delegation and tightened oversight, and optimizing services. In addition to the negative list, we need to treat foreign capital and domestic capital equally, adopt same market access standards for enterprises of all types of ownership, and implement an investment management system focusing on online filing. We should include eligible foreign-funded projects into major construction projects, or accelerate the adjustment by application to include the projects into relevant industrial planning, grant approval of land and sea use, accelerate progress of the EIA approval, and reduce logistics costs, so as to promote landing of the projects as soon as possible.
Secondly, we should expand the scope of encouraged foreign investments and apply the policy of temporarily no withholding income tax on foreign reinvestments to all non-prohibited projects and fields instead of only encouraged foreign investment projects.
Thirdly, we need to vigorously protect intellectual property rights and further regulate government supervision and enforcement.
From Nov. 11, China will lower tariffs for 1585 products. The average import tax for some machinery that is largely needed by the Chinese market will be reduced to 8.8% from 12.2%, for paper and primary processed products to 5.4% from 6.6%, and for textiles and construction materials to 8.4% from 11.5%.
China will accelerate facilitation of customs clearance. Before Nov.1, China will reduce the number of regulatory documents required for verification for imports and exports from 86 to 48. China will also clean up non-compliant charges. By the end of October, local authorities will announce their lists of local port charges to the public. No charges outside the lists will be made. China will promote cut of compliance costs. By the end of this year, container compliance cost for import and export will be reduced by over USD 100 year on year and more at large coastal ports. Competent departments need to supervise and urge this together.