ShanghaiInvestment.docx
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ShanghaiInvestment.docx
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ShanghaiInvestment
Shanghai?
esnewpoliciestoencourageforeigninvestment
Shanghaiattracted?
?
billionincontractedforeigninvestmentin1999,a¡ê£¤decreaseover1998.TheinvestmentslumpishighlightedbythefactthatJapanandtheRepublicofKorea,oncemajorinvestors,haveslippedout
ofthetopfivelist.However,positivesignscanalsobeseen,suchas
thearrivalofmore
multinationalsandincreasedindustrialinvestment.Industrial
investmentaccountedfor¡ê£¤oftheforeign_fundedprojectslast
year,absorbingnearlyhalfofthe
totalcontractedfunds.Investmentintohigh_technologysectorslike
informationtechnology,biomedicineandnewmaterialsisontherise.
Moreglobalgiantsare
cashingin.Another19playersofthetop500multinationalfirms
inspiredbytheFortuneGlobalForumhostedbyShanghailastSeptember,
arrivedlastyear,
bringingthecity?
esglobalplayersto254.Accord_ingtolocalforeign
economiccooperationandtradedepartments,Shanghaihasissueda
packageofnewpolicies
toencourageforeigninvestmentandexpandareas
follows:
Foreign_fundedenterprises,whichhavesettledinShanghai,may
importduty_free
equipmentandrelatedtechnology,partsandspareparts,whichare
requiredintheirtechnicaltransformation,providedtheyarewithinthe
scopeencouragedby
Statepolicyandcannotbeproduceddomestically.Technology,whichis
transferredbyaforeignenterprisetoChina,whichisadvanced,or
offersfavorableterms,
maybeexemptfrombusinessincometaxafterbeingapprovedbytax
departments.Theincomefromtechnicaltransferoftheforeign_funded
enterprisewillbe
exemptfrombusinessincometax.Atpresent,newforeign_funded
enterprisesimplementthepolicyofexemptionfromtaxation,taxcredit
andtaxrefund,and
existingforeign_fundedenterprisescarryoutthepolicyof?
¡ãnotax
collection,notaxrefund".Existingforeign_fundedenterpriseshavea
choiceofselectingeither
policybytheendof2000.Whenforeign_fundedenterprisesinvestin
China,theyareallowedtoapplyforRenminbiloansfromdomesticbanks
againstapledgeof
foreigncurrency.Foreign_fundedenterprisesarealsopermittedto
mortgagetheiroverseaspropertytooverseasbranchesofChinesebanks,
andtheiroverseasor
domesticbranchesmaygrantloanstothem.Accordingtothe?
¡ãpositive
andreliableprinciple",foreign_fundedenterprises,whichinvestinthe
state_encouraged
energydevelopmentandcommunicationsfields,areprovidedwith
insuranceagainstpoliticalrisk,breachofcontract,andofguarantees.
Projectsinvestedby
foreign_fundedenterprises,whicharewithinthescopeencouragedby
StatepolicyandhavenoneedofacomprehensivebalancebytheState,
canbeexamined
andapprovedbytheprovincialgovernments,butarerequiredtobe
reportedtotheStatePlanningCommission,theStateEconomicandTrade
Commissionandthe
MOFTECforfiling.Shanghaiwillgraduallyshrinkthescaleof
compulsoryappraisalofvalueforequipmentimportedbyforeign_funded
enterprises.Itwillimprove
theappraisalmethodandnolongerrequirecompulsoryappraisalofvalue
ofequipmentimportedbywhollyforeign_ownedenterprises.Thecustoms
management
willbestandardizedtoraiseefficiencyandacceleratethespeedof
clearance.Foreign_fundedenterprises,whichhaveleasedland,willno
longerpaytheland_use
fees.Shanghaiwillstreamlinepoliciesandregulationspertainingto
foreign_fundedenterprises,andabolishpoliciesandregulationshostile
tooverseasinvestment.It
willimprovethelawandregulationsystemofforeigninvestmentand
graduallyimprovethestandardformanagementofprocessingtrade
businesses.Processing
tradeenterprises,whichhavebeenevaluatedasclassA,willnolonger
implementthebankguaranteemarginaccountsystem.Althoughthe
formalityissimplified,
spot_checkswillbestrengthenedforsupervision.Shanghaiwillconduct
anexperimentinsettingupastandard,closedexport_oriented
processingzone.
Shanghai'sinvestmentzones:
Buyer'smarket
OfChina's44state-leveldevelopmentzones,sevenarein
Shanghai.Theywereapprovedbythecentralgovernmentinthe
early-1990sandtodayco-existwith10
municipal-levelzones.Thecity'smanyzonesarenothaving
aneasytimeofit.UtilisedforeigndirectinvestmentinShanghaiwas
down24%lastyear,toUS$.Eventhe
mostprosperousofthelot,theJinqiaoExport-Processing
Zone,reportednonewinvestorsin1998.Othersarereluctanttoshare
whatarepresumablyratherdismal1998
investmentfigures.
Asharpfall-offininvestmentfromAsiancompaniesand
over-zealousconstructionareresponsiblefortheoversupplyofoffice
andfactoryspacethatnowexistsinmany
investmentzones.Rentalrateshavetumbled,and
competitionfornewtenantshasforcedzonedevelopmentcompaniesto
bargainharder,aswellastoupgradezoneservices
andinfrastructure.Theirtoughluckisgoodnewsfor
foreign-investedenterprisesgoingzoneshoppinginShanghai.
Firststop:
Pudong
ThePudongNewArea,createdbythecentralgovernmentin
1990ontheeasternsideofHuangpuRiver,remainsthepreferred
locationformostmultinationals.Taxincentives,
anabundanceoflandandgoodinfrastructuremakesetting
upshopinPudongrelativelyconvenient.
Pudongisstillnoteveryone'sideaoffun.Itlacksthe
cosmopolitantrappingsthatmakeShanghaiafavouritepostingformany
foreigners.ExpatriateslivinginPudongcomplainof
boredomandasenseofisolationfromdowntown.Therideto
Pudong'smoredistantzonesislong:
itcantakeanhourtogettothe
WaigaoqiaoFreeTradeZonefromcentral
Shanghai.
Hugeinfrastructureprojectsscheduledforcompletionthis
year--PudongInternationalAirport,theNo2SubwayLineanda
pedestrianunderpassbeneaththeHuangpu--will
help.Andtheinternationalimageforwhichtheareais
strivingseemsalmostwithinreach:
theFortune500GlobalForum,a
meetingoftheworld'smostinfluentialCEOs,has
chosenthePudongInternationalConventionCentreforits
Octobergathering.
Manyfinancialinstitutionsarerelocatingtheir
headquarterstoLujiazuiFinanceandTradeZone,thefinancialdistrict
thathassprungupacrosstheriverfromtheBund.Nearly20
foreignbanksareconductinglocal-currencybusinessin
thezone.Lujiazuiisconvenientlylocated,andwillbethefirstPudong
stoponthenewsubwayline.Buttheareaisstill
eerilyquiet.Therewasonlyonenewrealestateinvestment
inLujiazuilastyearandmanyinstitutionssaytheyhavebeenpressured
intomovingtheiroperationsfromacrossthe
river.Asenseofreluctanceisevident:
somereportshave
vacancyratesat80%.
OtherzonesaredoingtheirbesttomakePudongalivable
place.JinqiaoExportProcessingZonehassuccessfullycourtedmajor
internationalcompanies(includingGM,NECand
Alcatel'sShanghaiBell)notonlybyloweringprices,but
alsobyimprovingservices.Onceadesolateplace,Jinqiaonowhas
extensiveexpatriateandlocalhousing
developments,hospitals,internationalschools,research
institutes,anditsowncommercialdistrict.
TheShanghaigovernmenthasdonewelltoplaceresearch
centresanduniversitybranchcampuseswheretheyareneededinPudong.
AtZhangjiangHigh-TechPark,which
targetspharmaceuticalsandotherhigh-techindustries,
staffcanbedrawnfromJiaotongUniversity'snearbybranchcampus;
ShanghaiNo2MedicalUniversitywillalsoopena
branchinZhangjiangsoon.
OfallPudong'szones,themostversatileremainsthe
WaigaoqiaoFreeTradeZone.Morethan3,500companieshaveopened
officesandrentedwarehousespacetheretotake
advantageofitsuniqueprivileges.Forexample,
foreign-investedenterprisesestablishedinWaigaoqiaocanconduct
import-exportbusinessandconvertrenminbiintoforeign
exchangethroughthezone'scommoditiesexchange.For
preciselythisreason,asforeignexchangecontrolsstiffenedlastyear
andbuyerscouldnotobtainhardcurrency,
foreigncompaniesbegantosellproductsintoChinathrough
Waigaoqiao.Indeed,manyforeignenterprisesthereexistonpaperonly,
withthebulkoftheirstaff,equipmentand
operationsacrosstheriverinPuxi.
Puxireveille
MultinationalsusedtobedrawntoPudongbecauseofits
lowprices,taxincentivesandhigh-qualityfacilities.Butsuch
benefitsarenolongerexclusivetoPudong.Indeed,there
isgoodreasontoreconsiderwesternShanghai.Zonesin
Puxihavedroppedrentalratesandlandcostssignificantly.
Municipal-levelzonesinPuxigrantthesametaxbreaks
availableinallPudongzones.Andnewinfrastructurein
thecitycentremeansthecommutetowork,oncetorturouslyslow,isnow
fairlyspeedy.
ForCaohejingHigh-TechPark,located8kmwestofthecity
centre,sluggishtrafficwasamajordisincentivetoinvestors.The
completionofoverpassesonCaoxiLuandthe
OuterRingRoad,however,solvedall."Itcouldn'tbemore
convenient.Trafficmovessmoothly.We'reclosetothecityandcloseto
theairport,"saysanexecutiveinCaohejing.
Employeeswithouttheirowntransportationmayfindthe
zonealittlelessconvenient,astherearenotyetanynearbybusor
subwaysstops;workerstaketaxisorshuttlebuses
fromdesignateddrop-offpoints.
Foreign-investedenterprisesinCaohejingsaythezone's
utilitiesandinfrastructureareexcellent,andthemanagementextremely
accommodating.Theonlyproblemwith
Caohejing,saysoneexecutive,isalackofrestaurants.
Eventhe47-kmroutetoMinhangEconomicandTechnological
DevelopmentZone,theoldestandremotestofShanghai'sstate-level
zones,isbearable.AnemployeeataUS
c
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