On 16 October 2019, CHI GVT issued policies to reduce burden on businesses.
- Introduced policies to reduce fees and taxes locally, and open up to the outside world.
Fee Reduction
- In earlier 8 months, fees and tax reduction has helped reduce burden on businesses.
- Planning to strengthen fiscal budget management among local government bodies, and improve reform, development and employment through research and innovation.
Opening Up Market
- Stepping up efforts to open financial sector, such as trade deal with US.
- Remove business restrictions on foreign banks, brokerages, fund management firms.
- Improve the convenience of investment by allowing foreign-funded enterprises to raise capital from foreign sources for the purposes of investment in equity within China.
- Fair protection of rights of foreign investment; protect foreign investors from being forced to transfer technology, improve protection of patents on e-commerce platforms.
- Support local governments' efforts to attract more foreign investment with incentives.
Regulation Amendments
- Regulations on management of foreign-funded insurance companies and regulations on management of foreign-funded banks amended in line with opening up of industry.
- Amendments to the regulations are effective on the day of publication, 16 October 2019.
