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more business options for foreigners in china now!

foreign investors will be given more access to china’s service, manufacturing and agricultural sectors since china has unveiled new, shortened negative lists for foreign investment, as part of efforts to further open up the economy and improve its business environment. 

more business options for foreigners in china now!

china’s economic planner on wednesday published the 2020 negative list for foreign investment, reducing the number of items on the list to 33 from 40 the previous year. china has shortened the lists for four consecutive years. 
china also unveiled its 2020 negative list for foreign investment in pilot free trade zones, cutting the number of prohibited industries to 30 from 37. 

more business options for foreigners in china now!

more business options for foreigners in china now!

more business options for foreigners in china now!

negative lists indicate areas where investment is prohibited or restricted, and all other areas are presumed to be open. as the new lists get further shortened, foreign investors will be given more freedom in more sectors
 
the new lists will take effect on july 23
 
 
main changes
 
according to a joint statement issued by the ministry of commerce (moc) and the national development and reform commission (ndrc), there’re three main changes in the new version of the negative lists: 
 
  • further open key areas in the service sector; 

  • improve the level of openness in the manufacturing and agricultural sectors; 

  • continue to carry out the pilot in free trade zones (ftzs). 

more business options for foreigners in china now!

details
 
in the financial sector, foreign ownership caps on brokerage firms, futures companies and life insurance companies would be removed, allowing for total ownership of such businesses by foreign entities. 
 

more business options for foreigners in china now!

the restriction stipulating that china controls the building and operation of water supply and drainage pipelines in cities with a population of more than 500,000 people will also be lifted. in the field of transportation, the regulations prohibiting foreign investment in air traffic control will also be canceled. 
 
in the manufacturing sector, foreign ownership caps on commercial vehicle manufacturing will be lifted, and regulations prohibiting foreign investment in the smelting and processing of radioactive minerals and nuclear fuel production will also be eliminated. 
 
also, in the agricultural sector, ownership by foreign investors in wheat breeding, seed production would be raised to 66 percent. 
 

more business options for foreigners in china now!

the role of ftzs as a pioneer of the country’s reform and opening-up will be further strengthened. in the field of medicine, the regulations prohibiting foreign investment in prepared slices of traditional chinese medicine were canceled. meanwhile, foreign investors will be allowed to run wholly-owned vocational education institutions

more business options for foreigners in china now!

 
the new list is expected to improve the business environment in china, draw more multinational companies from all over the world to invest in the country more efficiently, promote the gradual stabilization of global trade and investment, thus helping offset the negative impacts of the epidemic and enhancing economic vitality. 
 
if you want to know the full content of the announcement and the lists, please check the moc’s official website (in chinese): 
http://www.mofcom.gov.cn/article/ae/ai/202006/20200602977244.shtml
 

more business options for foreigners in china now!

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

more business options for foreigners in china now!

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more business options for foreigners in china now!

source | caixin / cgtn / china daily

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more business options for foreigners in china now!

hk to launch health code system for passengers to gd & macao

hong kong is actively working with guangdong and macao on developing a local health code system to facilitate people traveling between hong kong and guangdong, or hong kong and macao. 

hk to launch health code system for passengers to gd & macao

according to sophia chan, the secretary for food and health of china’s hong kong special administrative region (hksar), guangdong province and the macao sar are considering a pilot scheme on mutual recognition of test results of covid-19 and mutual exemption of quarantine in a bid to relax cross-boundary flow of people among the three places within certain limits. 
 
the “hong kong health code”, one of the hksar government”s preparatory tasks to complement the launch of the pilot scheme, enables the virus test results of participants of the pilot scheme in hk to be uploaded onto the code, chan said. 
 
hk to launch health code system for passengers to gd & macao
 
she introduced that before departing from hong kong, eligible persons with negative test results can connect to the electronic platform through a web browser using their mobile phones or other devices, and apply for the “hong kong health code” online and download it to the relevant mobile phone or device. 
 
to facilitate the mutual recognition of test results by the boundary control officers to guangdong, hk and macao, participants of the pilot scheme can on their own accord choose to exchange the “hong kong health code” for use on the “yuekang code” system of guangdong or “macao health code” system of macao for health declaration purpose when entering guangdong or macao. 
 
hk to launch health code system for passengers to gd & macao
 
she stressed that the “hong kong health code” computer system will only collect basic personal information and nucleic acid test results from applicants for the purpose of applying for the system, and applicants’ information security including data will be protected in strict accordance with regulations.
 
the hksar government will announce the details as soon as possible once the governments of guangdong, hong kong sar and macao sar have completed discussion on the pilot scheme. 
 
“as far as the timing, we want to do it as soon as possible, but there are certain technical issues to overcome and the number of people that we will be allowing across the boundary every day, and so on,” carrie lam, the chief executive of hksar, said on tuesday. 
 

hk to launch health code system for passengers to gd & macao

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

hk to launch health code system for passengers to gd & macao

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hk to launch health code system for passengers to gd & macao

source | xinhua / hk gov

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hk to launch health code system for passengers to gd & macao

attention! cash withdrawals over rmb100k will be restrcited!

china has designated three pilot areas to regulate cash transactions in large amounts amid efforts to strengthen cash circulation management and curb illegal activities, the central bank said. 

attention! cash withdrawals over rmb100k will be restrcited!

china’s central bank, the people’s bank of china (pboc), has announced that it will pilot a restriction on large-scale cash transactions in three regions of the country. the trial is going to be carried out next month. 
 
we have introduced the trial in our previous article, you can click the following link to read more:  
 
attention! cash withdrawals over rmb100k will be restrcited!
the latest notice has released some further details, let’s check! 
 
according to the trial plan, it will be applied in hebei province, zhejiang province and shenzhen city. hebei province will start the two-year pilot program in july, while zhejiang province and the city of shenzhen will start the experiment in october
 
all three pilot areas will regulate cash transactions with different thresholds based on the regions and the type of accounts:
 
for business accounts: 
500,000 yuan (about $70,600) or above
 
for personal accounts: 
hebei – 100,000 yuan 
zhejiang – 300,000 yuan 
shenzhen – 200,000 yuan 
attention! cash withdrawals over rmb100k will be restrcited!
according to the pboc, the thresholds are set to strengthen the monitoring of abnormal cash transactions including those related to tax evasion or dodging supervision, while still meeting the reasonable cash demands of businesses and individuals. 
 
the central bank also said that the regulations will not significantly affect normal daily economic activities as multiple payment alternatives are readily available. 
 
besides, the set thresholds are higher than most people’s daily cash use, and large cash transactions are not restricted as long as the customers comply with registration rules. 
 
some experts think that the restrictions are aimed at paving the way for the upcoming digital currency, but we still don’t know much about the digital rmb. 
related: 
 
attention! cash withdrawals over rmb100k will be restrcited!
 
anyway, the pilot program will encourage reservation-based cash withdrawals in large amounts, establish a system that records, analyzes and supervises large cash transactions, and prevent risks related to such transactions. 
 
with the pilots, the country aims to meet the needs of social and economic development, further improve the cash flow environment and reduce the cost of social management, according to the central bank. 
 
if you get used to paying in cash for the business, you may need to be cautious or learn more about non-cash payment tools now. 

attention! cash withdrawals over rmb100k will be restrcited!

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

attention! cash withdrawals over rmb100k will be restrcited!

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attention! cash withdrawals over rmb100k will be restrcited!

source | pboc / xinhua

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attention! cash withdrawals over rmb100k will be restrcited!

holiday notice | hacos will be off from june 25 to june 27

holiday notice | hacos will be off from june 25 to june 27
chinese dragon boat festival is coming! please be informed that hacos office will be closed during the holiday period: 
 
june 25th (thur) – june 27th (sat), 2020. 
 
we will be back to work on june 28th (sun). please feel free to contact us if you have any questions. inquiries during the holidays will be attended on or after june 28. 
 
we apologize for the inconvenience this may cause to our customers and business clients during this period. 
 
thank you for your understanding and continued support with us. wish you good health and safety. happy dragon boat festival! 
 
端午节将至,hacos瀚客商业服务将放假三日,具体放假日期如下:
 
6月25日(周四)至6月27日(周六),共三天,6月28日(周日)正常上班。
 
在放假期间如有给各新老顾客带来不便之处,还请谅解。
感谢您一直以来的支持,祝您端午安康!

holiday notice | hacos will be off from june 25 to june 27

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

holiday notice | hacos will be off from june 25 to june 27

share to let your friends know!

holiday notice | hacos will be off from june 25 to june 27

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holiday notice | hacos will be off from june 25 to june 27

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