China unveils regulations to boost foreign investment in central regions

07:30, April 30, 2010      

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Chinese Ministry of Commerce released regulations concerning foreign investment in China's central region in Nanchang Thursday.

The region - which includes the provinces of Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan - should attract high-end green industry with policy incentives and guidance, the regulations say.

It should give priority to manufacturing while eyeing investment in other sectors like agriculture, sophisticated processing industries, trade, finance, education, culture, tourism and leasing.

The region should nurture business-friendly policies and slash transaction costs to attract businesses considering moving inland from the coastal regions.

The rules call for rectifying any practices that disrupt business operation, including authorities' arbitrary law enforcement.

The rules also urged a market-oriented administration system consistent with international rules.

The ministry also pledged to establish state-level industrial transfer demonstration zones and to improve provincial industrial parks.

The ministry also plans to offer discounted loans for infrastructure construction.

Ma Yu, head of the foreign investment research department at the ministry's research academy, said the regulations will accelerate the development of central China.

Source: Xinhua


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