As of Jan 19, the Zhanjiang market regulation bureau has issued 21 business licenses to foreign enterprises under China's new Foreign Investment Law, which came into effect on Jan 1.

Previously, people had to visit two departments to register a foreign enterprise, which would take at least two days. Relevant procedures can now be processed at the Guangdong Governmental Service Website (www.gdzwfw.gov.cn) within one hour.

With the new law, a management system combining pre-establishment national treatment and the negative list is adopted. It is designed to ensure that foreign investors are treated the same as domestic enterprises before and during the approval process.

In addition, foreign companies are entitled to the equal rights, standards, and opportunities as their domestic counterparts, spanning government funding, land supply, tax and fee reductions, as well as project application.

Chinese citizens are also allowed to invest in foreign enterprises.

The regulations will optimize the market-oriented business environment under a sound legal framework, as well as reassure foreign investors and businesses of fair competition.

The BASF smart Verbund project in Zhanjiang is the first large Verbund petrochemical project solely owned by foreign capital in the country under the new Foreign Investment Law. [Photo by Li Jiale/Xinhua]