Standardizing and optimizing approval of foreign investment pilot

To carry out the essence of the Third Plenary Session of the 18th CPC Central Committee on deepening the reform of administrative examination and approval, and improve the management of foreign investment examination and approval, Chinese Ministry of Commerce released an announcement (No. 41, 2014) on May 28, 2014, deciding to conduct pilot work to standardize and optimize the examination and approval of foreign investment for three months from the date of release to August 31, 2014. The establishment and alteration of foreign-invested enterprises approved by Ministry of Commerce except direct selling are covered in the pilot.
The pilot work mainly includes: The first is to shorten time of examination and approval. The time for items within pilot will be adjusted from the limit regulated by relevant laws of foreign investment to that regulated by Administrative Permission Law. The second is to simplify declaration procedure. Application documents should be handled directly by provincial commercial departments and transferred to Ministry of Commerce, and document transfer in commercial departments under provincial level will be canceled. The third is to simplify declaration documents. Part of the documents which are not required to provide according to laws and regulations shall be canceled.
Through the pilot work, Ministry of Commerce will explore measures to further shorten time limit, improve efficiency and standardize examination and approval, so as to gather experience for deepening reform of administrative examination and approval.
Source: http://english.mofcom.gov.cn/article/newsrelease/significantnews/201406/20140600617962.shtml

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