China’s world-class business environment plans ‘address’ some concerns, but ‘implementation key’
- China’s State Council has selected six economically developed cities to take part in a pilot programme to improve its business environment
- European Union Chamber of Commerce in China president Joerg Wuttke welcomed the plans, but said China has fallen short of implementation in the past
China is ready to open new economic areas and provide more conveniences to lure foreign talent and investment in the latest bid to build a market-oriented and law-based business environment which aligns to high-standard international trade agreements.
The State Council has selected six of China’s economically developed cities – Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou and Chongqing – to take part in a pilot programme, according to a circular released on Thursday.
The six cities already have a heavy presence of foreign business and residents, and are at the forefront of China’s business environment.
Headlines suggest that they address some of our major concerns, but implementation is key, and that is where China fell short over the last decade
“Headlines suggest that they address some of our major concerns, but implementation is key, and that is where China fell short over the last decade,” said Joerg Wuttke, president of the European Union Chamber of Commerce in China.
Compared to previous preferential policies, tax breaks and market access, China’s cabinet has pledged to optimise its service for both investors and international talent.
It plans to build a one-stop resolution centre for foreign-related commercial disputes in pilot cities and also provide efficient and convenient channels for international commercial dispute resolution after previous disputes were handled in Hong Kong.
The authorities will also revamp government portal websites to allow expatriates to better understand China’s investment, work and living information, while integrating foreign-related approvals into one website.
02:04
China joins coordinated move to release oil reserves and lower global oil prices