Shanghai Authorizes Districts to Approve Foreign-Invested Firms
China Business News, 7/22/09
Effective August 1, 2009, Shanghai will transfer the approval process for foreign-invested companies investing a total of less than USD 100 mln from the city to the district and county level. Huang Feng, director of Shanghai Municipal Commission of Commerce's foreign investment management administrative office, said each year the commission approves 3,500 such foreign-invested projects, and hopes that with the transfer of decision-making authority, roughly half of all approvals will be made at the district and county level.
Huang added that multinationals that set up a regional headquarters and have sales revenue reaching RMB 1 bln or more will be able to receive RMB 10 mln in incentives. Companies that set up new regional headquarters according to certain preconditions can receive subsidies for leasing and other related costs. To date 707 foreign-invested firms have set up headquarters in Shanghai.
Keywords: Huang Feng regulation foreign investment hardware Shanghai government subsidy software hardware telecom wireless Internet television
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