China (Shanghai) Pilot Free Trade Zone. Consulate General of P.R. China in Toronto
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2 Officially launched on 29 September 2013 The first of its kind on the Chinese mainland Three years to build to meet international standards
3 What is FTZ? Why is it now? How is it? What kind of business opportunities lies in the new initiatives?
4 1. what is FTZ? Designated area Goods registered but not inspected; Free flow of commodities, services, capital and labors
5 1. what is FTZ? Shannon Free Zone, Ireland (Originally established in 1959) Colon Free Trade Zone, Republic of Panama (in operation since 1948)
6 1. what is FTZ? Busan Jinhae Free Economic Zone, South Korea was built 10 years ago.
7 1. what is FTZ? Singapore has nine free trade zones that handle seaborne or airborne cargo such as Brani Terminal and Jurong Port.
8 1. what is FTZ?
9 1. what is FTZ? FTZan upgrade of bonded free zone. Free Trade Free Mobility of People Tax Free in Itself Free Flow of Goods Bonded Area Preference FTZ Good stored, processed, distributed, packed Free Capital Flows Financial Opening in Itself
10 1. what is FTZ? The location of Shanghai FTZ and its area coverage Location: outskirts of Shanghai, China Area: nearly 29 square kilometer (11 square mile) Coverage: Waigaoqiao Free Trade Zone Waigaoqiao Free Trade Logistics Park Yangshan Free Trade Port Area Pudong Airport Comprehensive Free Trade Zone.
11 1. what is FTZ?
12 1. what is FTZ? How significant is it? Testing ground for China s economic and financial reform agenda, including greater capital account convertibility, interest rate liberalization and crossborder uses of the Yuan
13 1. what is FTZ? How significant is it? Restrictions on foreign investment eased Interest rates set by markets
14 1. what is FTZ? How significant is it? Clear political message: China is attempting further reform
15 2. Why is it now? China in critical moment of development. Domestically, a critical juncture after 30 years of double digit growth
16 2. Why is it now? Overseas, slowing demand and rising trade protectionism
17 3. How does it work? Legal Framework 1. Overall Plan for China (Shanghai) Pilot Free Trade 2. Administrative Measures for China (Shanghai) Pilot Free Trade Zone
18 3. How does it work? Legal Framework 3. Administrative Measures for Filing of Overseas Investment Enterprises of China (Shanghai) Pilot Free Trade Zone Suspension of three foreign investment laws: Law of the People s Republic of China on Foreign Capital Enterprises Law of the People s Republic of China of Chinese Foreign Equity Joint Ventures Law of the People s Republic of China on Sino Foreign Contractual Joint Ventures
19 3. How does it work? Legal Framework 4. Administrative Measures for Filing Foreign invested Enterprises of China (Shanghai) Pilot Free Trade Zone 5. Administrative Measures for Filing of Overseas Investment Projects of China (Shanghai) Pilot Free Trade Zone 6. Administrative Measures for Filing Foreign invested Projects of China (Shanghai) Pilot Free Trade Zone 7. Special Management Measures(Negative List) for Foreign Investment Access of China (Shanghai) Pilot Free Trade Zone(2013)
20 1 Trade liberalization and Promoting the transformation of trade development pattern
21 Easing rules for investment Easier investment access and provide support for 18 service sectors
22 Easing rules for investment I Banking services Foreign invested banks Sino foreign joint venture banks Chinese banks to conduct offshore business.
23 Easing rules for investment ii Professional healthcare medical insurance foreign invested professional healthcare medical insurance institutions
24 Easing rules for investment iii Financial leasing Single aircraft or single vessel company Factoring businesses
25 Easing rules for investment iv Ocean cargo transportation Joint venture international shipping enterprises. Passing business of the between Shanghai Port and other domestic coastal ports.
26 Easing rules for investment v International ship management Wholly foreign owned shipping management enterprises.
27 Easing rules for investment vi Value added telecommunications Designated value added telecommunications businesses
28 Easing rules for investment vii Selling and servicing of game consoles and machines
29 Easing rules for investment viii Legal services Cooperation between Mainland Chinese law firms and foreign law firms
30 Easing rules for investment ix Credit investigation services Foreign invested investigation enterprises
31 Easing rules for investment x Travel agencies Sino foreign joint venture travel agencies for overseas travel services (except in Taiwan)
32 Easing rules for investment xi Human resources agencies Sino foreign joint venture human resources agencies Reduced minimum registered capital for foreign human resources agencies
33 Easing rules for investment xii Investment management Joint stock foreign invested investment companies
34 Easing rules for investment xiii Engineering design Performance requirement cancelled
35 Easing rules for investment xiv Construction services Equity restriction for Sino foreign joint construction projects cancelled
36 Easing rules for investment xv Performance brokerage Equity restriction for foreign invested performance agencies cancelled Wholly foreign owned performance agencies
37 Easing rules for investment xvi Entertainment venues Wholly foreign owned entertainment venues
38 Easing rules for investment xvii Educational and vocational training Sino foreign cooperation education training institutions Sino foreign cooperation vocational training institutions
39 Easing rules for investment xviii Medical service Wholly foreign owned healthcare institutions.
40 Easing rules for investment Exploring and establishing a Negative List management pattern.
41 Easing rules for investment Business banned covers 18 sectors: A, Agriculture, forestry, animal husbandry and fishery, B, Mining C, Manufacturing D, Production and Supply of Electricity, Heat, Gas and Water E, Construction F, Wholesale and Retail G, Transportation, Warehousing and Mail Business I, Information transmission, Software and IT Service J, Financing
42 Easing rules for investment Business banned including 18 sectors: K, Real estate L, Leasing and Business Services M, Scientific research and Technological services N, Water conservancy, Environment and Public facilities management P, Education Q, Health and Social Work R, Culture, Sports and Entertainment
43 Easing rules for investment Exploring and establishing a Negative List management pattern: Business areas banned including, among others: Salt wholesaling, Auctioning cultural relics, Air traffic control, New websites making, Constructing and operating villas,
44 Easing rules for investment Filing based management approach for overseas investment
45 Streamline government administration 3 Easier to start operating 29 days 4 days.
46 Restructure China s financial system in line with international standards 4 Financial sector changesthe heart of the experimentation in FTZ, Easing of restrictions on capital movements and currency exchanges for multinationals
47 Restructure China s financial system in line with international standards Accelerating finance system innovation 4 Trial programs of RMB convertibility under the capital account Market oriented interest rates Cross border RMB transactions Financial services opened to eligible financial institution Foreign companies in commodity futures trading
48 Perfect the legal environment 5 Relevant approval procedure stipulated in the three foreign invested enterprise laws adjusted in the FTZ on a three year trial basis.
49 Perfect the legal environment 5 Customs supervision simplified Income taxes by installment Tax exemption granted
50 4. Any Risk? 1. Policy Balance between in zone & out zone
51 4. Any Risk? 2. Arbitrage Possibility
52 4. Any Risk? 3. Need of supporting policies
53 5. Opportunities for Canadian business 1. Simplifying and speeding up imports & exports
54 5. Opportunities for Canadian business 2. Foreign companies invest in the sectors where they are not allowed before and in the areas outside the FTZ.
55 5. Opportunities for Canadian business 3. Foreign banks and firms: foreign exchange operations and domestic bond market
56 5. Opportunities for Canadian business 4. Chinese domestic banks, more cooperation with foreign players
57 5. Opportunities for Canadian business 5. The testing FTZ: far reaching and long term impact
58 THANK YOU Yu Jianwei Commercial Counselor Tel:
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