Shanghai upgrades reform measures to optimize business environment
By
Shang Kaiyuan from People’s Daily
Shanghai
is building better and better business environment with upgraded measures,
demonstrating its charm to foreign investors.
Tesla
CEO Elon Musk was one of the many that are amazed by the “Shanghai speed”. The
US electric carmaker officially broke ground on its first overseas Gigafactory
in Shanghai’s Lingang Area on Jan. 7 this year, only six months after the
company signed an agreement with the Shanghai municipal government in July 2018
to build the production base.
Tesla
CEO Elon Musk attends the foundation stone laying ceremony of the electric car
producer’s supper factory in Lingang Area of Shanghai on January 7, 2019.
(Photo by Ding Ting from Xinhua News Agency)
In
the first month of 2019, Shanghai witnessed a robust growth in attracting
foreign funds.
The
number of new foreign-funded projects, contractual FDI, and the
actual foreign capital utilization of Shanghai were respectively
up by 69.1 percent, 197.6 percent and 33.5 percent, according to a briefing on
city’s business development held on March 5. It indicated that Shanghai is still
a desirable destination for foreign investors.
What
makes the strong investment appeal of Shanghai is the business environment
reform promoted by the metropolis.
Shanghai
established a new mechanism that enables synergetic approval of enterprise
affairs under which 90 percent of enterprise approvals at municipal and
district levels, as well as services will be done at one time, without the need
for a second trip. The mechanism has cut 30.5 percent of service procedures and
52.8 percent of time needed.
In
addition, Shanghai also optimized power access efficiency, enabling enterprises
to access the power grid without any visit or approval procedure without cost.
Such reform is hailed as a role model for the world by an official with the
World Bank.
The
World Bank Group’s Business Environment team believes that Shanghai’s reform
measures on optimizing business environment have gone far beyond the assessment
scope of the organization’s business environment report. The intensity and
practical approaches of these measures have brought new ideas and enlightenment
to the World Bank, the team noted.
This
year, Shanghai is expected to witness further improvement of business
environment. For instance, enterprises and individuals in the city will be able
go through all administrative formalities on an e-government platform.
In
addition, Shanghai will also offer maximum convenience in starting businesses.
It will only take three procedures in three to five days to set up a company in
the city, while the process used to require four procedures and nine days.
Regarding
construction license obtaining, the number of procedures required will be cut
from 19 to 14. The general tax level will be lowered to about 65 percent.
Shanghai upgrades reform measures to optimize business environment
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