In its efforts to attract foreign investment, Shanghai has shortened the list of no-go areas in which foreign investment is not allowed. The regional government is now encouraging foreign investment in the advanced manufacturing sector and reforming the car, aircraft and shipbuilding industries.
Over the past five years, the no-go list for foreign investment in the Pudong New Area’s free trade zone has been cut to 45 items from 190, the FTZ insists. “During the period, over 10,000 foreign companies were set up in the area, showing the FTZ’s attractiveness to foreign capital”, Shanghai Daily reports.
The FTZ Administration issued 25 measures in the financial services sector, offering further liberalisation. In another district, Changning, reforms have attracted foreign businesses, with faster quarantine checks for imports. The Shanghai Entry-Exit Inspection and Quarantine Bureau launched a trial scheme in the district, clearing imported dairy and textiles at products from five approved companies by checking their transport and manufacturing processes or testing only sample batches of goods. This fast-track scheme allows consumers to drink milk within three days of production, compared with eight days under the regular system.
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