Alternative Energy Vehicles and Other 11 areas will be further Liberalized for Foreign Investments

Information office of the State Council introduced Notice on Several Measures to Promote Foreign Investments Growth by State Council during the regular meeting held on August 25th. Wang Shouwen, Vice Minister of Ministry of Commerce said that, the notice makes clear definitions and requirements on limits for foreign investments. It lists 12 areas to further liberalize foreign funds entry and reduce limits on foreign capital.

Wang Shouwen introduced that special vehicles and alternative energy vehicles will meet reduced limits on foreign funds. In the next period, banks, securities and insurance industry will face reduced limits on both foreign fund holding proportion and business scopes. He also said that relevant departments will promote a detailed time schedule and routine map to land policies in accordance with the notice.

Besides, three tax policies in the notice will cover all qualitied foreign and domestic companies, concerning withhold income tax, preferential tax for technologically advanced service companies and tax on overseas investments.