Shanghai FTZ to open financial sectors wider to foreign capital

Shanghai is likely to ease limits this year on foreign investment in the banking, securities brokerage, securities fund management, futures trading and insurance sectors.The move is in line with the launch of updated guidance on foreign investment in the free trade zone, in accordance with the plan to make the free trade zone a hub for pilot market opening programs, said a statement from the Shanghai FTZ authorities.In 2017, limits on foreign investment in accounting and auditing, construction design, and rating agencies will be eased in the free trade zone, with details to be launched soon, the statement said.Detailed policies to ease limits on foreign investment in banking, securities, fund management, futures trading and insurance were being studied, said the statement.“We have been working closely with policymakers on easing limits on these financial sectors which will enable more foreign investors to invest in a further opened market in the free trade zone. Once the policies are made, we will make every effort to implement them,” according to the statement.Shanghai FTZ was established on Sept 29, 2013, with an initial area of 28.78 square kilometers. It was expanded to 120.72 square kilometers on Dec 28 2014, to enable it to benefit more sectors and market players, and further the pace of reform and opening up.According to research conducted by Yin Hua and Gao Weihe, researchers at Shanghai University of Finance and Economics, Shanghai FTZ has pushed up growth of the city’s GDP, trade and investment.“Shanghai FTZ increased Shanghai’s GDP growth by 1.89 percent since it was launched three years ago,” according to the researchers.High-tech, finance, information services, research and development are among the sectors with the fastest growth in terms of foreign investment in the city, according to Shanghai Municipal Commission of Commerce.

Hunan’s Jan-April Fixed-asset Investment up 12.2%

Hunan’s fixed-asset investment grew 12.2 percent year on year to over 649 billion yuan in the first four months of 2017, according to the official data released by the Hunan Provincial Statistics Bureau on May 22, 2017.The fixed-asset investment has witnessed steady and sound progress this year, mainly in four aspects:1. A comprehensive growth of industry investment: from January to April, the investment in primary, secondary, and tertiary industries amounted to more than 24 billion yuan, 228 billion yuan, and 396 billion yuan respectively, up by 30%, 1.4%, and 18.4% compared with the same period of last year.2. A slight increase in private investment: during the first four months, Hunan’s private investment reached 370 billion yuan, an increase of 6.9%.3. Four investment areas heating up: investment in the following three areas saw an increase of more than 20% each for several months: infrastructure projects increased by 22.1%, livelihood 35.1%, and eco-environment 29%. Investment in the real estate was up by 10.1%, 5.4 percentage points faster than the same period last year.4. Accelerated completion in major projects investment: projects that were planned to be invested above 50 million yuan completed a total investment of 298.196 billion yuan, a year-on-year increase of 19.4% and 7.2 percentage points higher than the provincial average. They accounted for 51% of the total investment, three percentage points higher year on year. Their contribution rate was 67% to the total investment, making a growth of 8.2 percentage points to the total.

Anhui Increases Spending on Technical Innovation

Anhui's spending on technical innovation rose 14 percent year on year in the first quarter of 2017(Q1), quickening from last year’s 11 percent, official data showed Tuesday.The province's industrial investment reached 231.6 billion yuan ($33.7 billion) between January and March, up 10.2 percent from the same period a year ago, said the Anhui Provincial Commission of Economy and Information Technology.125 billion yuan, or 54 percent of the total, were injected in programs aimed at upgrading technology, representing a year-on-year rise of 14 percent. The growth rate was higher than the 11 percent increase recorded in the Jan-Mar period of 2016.The increases in industrial and technical-upgrading investment came after the local government announced a slew of incentives to encourage industrial firms to ramp up investment.Hefei, capital of the Chinese province, for example, released a 3-year action plan to promote technical updating and accelerate industrial transformation. Under the plan, financial support, favorable land policies and tax incentives were offered to local enterprises.Thanks to the guidance and incentives, the Hefei Economic Circle and the Hefei-Wuhu-Bengbu National Independent Innovation Demonstration Area saw booms in investment in technological innovation programs.The food processing sector posted a 33.2 percent rise in technical spending in Q1, followed by medicine (28 percent), equipment manufacturing (23.2 percent), and information technology (21.5 percent), statistics from the commission showed.From January to March, the province carried out more than 800 technical innovation programs, 126 among which were newly-added ones, the commission said.Meanwhile, up to 39.2 billion yuan, or 31.3 percent of the total budget, was poured into the ongoing projects.

The foreign-funded enterprises in Hubei exceed 9,000

The development of foreign-funded enterprises in Hubei got off to a flying start in the first quarter of 2017: foreign-funded enterprises increased by 201, including 74 incorporated enterprises, up 31.37 percent and 76.39 percent, respectively; registered capital increased by 1.18 billion U.S.dollars, including paid-in capital of 1.003 billion U.S.dollars, up 144.05 percent and 165.92 percent, respectively, said the Hubei Administration for Industry and Commerce on April 9, 2017.