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FTZ to define development (3)

(China Daily)    10:13, September 28, 2013
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Under the new guideline, foreign health and medical insurance providers will be permitted to operate in the zone on a trial basis and foreign partners will be allowed to hold larger stakes in joint venture global shipping enterprises.

The clauses include shortcuts for foreign banks to set up subsidiary or joint venture operations.

Foreign companies will also be allowed to offer "specialized telecommunications services" within the zone.

Foreign travel agencies will be permitted to set up joint ventures to provide international travel services to Chinese nationals.

As requested by the State Council, the FTZ will also explore a "negative list" management approach, which will outline restricted sectors. Any sectors not on the list will be free for entry.

"This ‘negative list' approach and new investment rules are in accordance with international practices. For example, foreign investments in the FTZ and overseas investments by local enterprises will not require official approval from government agencies, but only need to follow the ‘archival filing management' process," said the ANZ study.

Frances Cheung, an economist at Credit Agricole CIB, said in a research note: "As expected, the major focus, for the first phase at least, is on promoting trade."

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(Editor:YanMeng、Liang Jun)

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