BJ Passes Its First Special Regulation on Foreign Investment

How can the complex review procedures for cross-border data flows be streamlined? To address foreign-invested enterprises' concerns about investment services and further improve the institutional openness of the capital city of China, the 10th session of the Standing Committee of the 16th Beijing Municipal People's Congress recently voted to adopt the first special regulation on foreign investment in Beijing.

[Photo via VCG]

This regulation will come into effect on July 1, 2024, with a total of seven chapters consisting of 44 articles. It includes giving full play to the leading roles of the comprehensive demonstration zone for further opening up the service sector and the free trade zone for greater openness; implementing experimental policies and measures for foreign investment; encouraging foreign investors to invest in the key areas of Beijing; and supporting the establishment of global, regional, and foreign-invested headquarters. This regulation also provides clarification on the freedom of foreign investors to remit their legitimate income in accordance with the law, streamlines the registration process for foreign-invested enterprises, and enhances the catalog of international professional qualification recognition for the convenience of entry, exit, stay, and residence of relevant personnel from foreign-invested enterprises.

The regulation proposes to create a unified catalog and implementation list of government service matters throughout the city, and states that the cases of foreign-related issues can be handled at a single "one-stop" service window. It also calls for the provision of digital integrated services, the improvement of the content of the International Web Portal of Beijing Municipality and others alike, and the efforts to lessen the burden on businesses and empower them.

(Sources: Xinhua News Agency, The Beijing News)

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