Reforms to attract more investors to bonded zone

Reforms will attract more investors to the Nantong Free Trade Zone, the city’s government announced on May 15.

Pilot zone rules will be adopted, including issuing business licenses before approvals from industrial and commercial entities, and managing the “negative list” for foreign investors, imitating the practice at Shanghai Free Trade Zone. As a new attempt in FTZ management, the Shanghai government published the list of areas that are off-limits or come with restrictions to investors in FTZ last September. Likewise, the government of Nantong free trade zone will streamline management rules for foreign investors outside the “negative list”.

The zone will set up and announce the list of industries and sectors for favorable policies. But procedures for approvals concerning food and medicine security, environmental protection, safe production as well as operations of Internet cafes and other entertainment places will not be eligible.

These rules are meant to build a better market of fair play and equal access and promote the process of “free investment, convenient trade, international finance and efficient administration” in the zone, the city government said.