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In the free trade zone in Shanghai will test the mechanism of checking foreign investment for security
Deputy Chairman of the State Committee for Development and Reform Affairs of the People's Republic of China, Hu Zutsai, said in an interview with the Xinhua News Agency that the committee is strongly supporting the construction of a free trade zone in Shanghai. In order to strengthen controls in the Shanghai free trade zone, the committee, together with the relevant departments, will test the security verification mechanism of foreign investment.
One of the important contents of reforms in the free trade zone in Shanghai is a form of management in which foreign investors enjoy the same status as citizens of the PRC before gaining access. In addition, for them there is a restrictive list. In the spheres which are not included in the prohibitive list, for foreign investors the mode of consideration and approval was replaced with the registration mode. By the end of August of this year, 1612 of new enterprises with the participation of foreign investors were created in the free trade zone in Shanghai, the share of enterprises established in the form of registration is 90,6 percent.
The implementation of projects by foreign and foreign investors is fully translated into a form of control through registration with limited use of the review and approval mode. After the introduction of new standards 92 percent of projects with foreign investment switched to the mode of registration.