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Inner Mongolia eyes foreign investment growth

Updated: Jul 31, 2018 Print

The People's Government of Inner Mongolia autonomous region has released a document offering pragmatic suggestions to further the promotion of foreign investment and the environment.

The government aims to expand supply-side structural reform, streamline administration and simplify procedures in order to optimize governmental services.

To reduce restrictions on foreign investment access, the regional government should fully implement the system of pre-entry national treatment with negative list management, according to state deployment. 

This system is expected to increase openness, transparency and standardization of the regional investment environment in such markets as road transportation, internet services, banking and insurance.

The second program to be implemented will provide supportive finance and taxation policies. To encourage their entry into Inner Mongolia, local governments should offer foreign investors convenient and preferential financial services as they conduct such industrial activities as business process outsourcing and the establishment of transnational corporations, their branches, research and development (R&D) centers, technical institutes, and purchasing, stock, and marketing departments.

The government is also expected to provide an inclusive foreign enterprise innovation fund and recommend advanced technologies and products to apply for national-level sponsorship.

To attract foreign capital to the region, local governments should fully appreciate the role of financial funds in supporting the development of economic and technological zones, high-tech industrial pilots, comprehensive tariff-free areas, and cross-border cooperation zones.

These cluster zones, where industrial conditions and services are optimal, will entice foreign investors and traders to the region.

Third, to improve the investment environment of national-level development zones, the government will decentralize its authority, deferring to autonomous management, especially concerning administrative reform and procedural streamlining. 

The government will provide land and construction for valued foreign investors, while existing zones may expand development space to meet new requirements. The government will also support industrial zones as they attain new facility and service standards, attracting high-value-added projects and businesses from around the world.

The fourth measure facilitates the border entry and exit of foreign traders and workers. The introduction of foreign workers will be improved through a standardizing of work permit regulations; local human resource departments should integrate foreign students into their employment management purview.

Local governments and industrial parks are to actively introduce high-end foreign workers using exclusionary evaluation criteria and offering encouraging bonuses such as visa extensions.

Fifth, to optimize the business environment for foreign investment, legislative and commerce departments are to improve laws and regulations governing foreign enterprises, businesses, traders and workers, and expediently promote the abolition or revision of regulations found to be inconsistent with current opening-up policies. 

The government should also guarantee free remittance of overseas investors’ profits in accordance with the law. Legally obtained profits or dividends are to be remitted in an effort to ensure the legitimate flow of capital.

To protect the intellectual property of foreign-invested enterprises, relevant departments will crack down on piracy, from network issues to patent and trademark fraud. The government will also explore the establishment of international intellectual property protection assistance organizations providing telephone hotlines and online services.

Regional departments must prioritize foreign capital, work according to their respective responsibilities, and together use foreign capital to boost the local economy. 

All relevant departments should closely follow regional policies concerning the promotion of foreign investment growth, and ensure that relevant policies and measures are implemented in the region in a timely and comprehensive manner. 

The Department of Commerce of Inner Mongolia shall, in conjunction with relevant departments, strengthen supervision and inspection to guarantee steady growth of foreign capital and investment.

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