Summary on Shanghai's Policies in Relation to Encouragement of Foreign Investment during Period of Covid-19 Epidemic

文章摘要 本文梳理2020年上海疫情期间鼓励外商投资的主要政策,归纳长三角一体化实施方案、临港新片区税收征管服务通知、金融支持国际金融中心与长三角一体化意见、营商环境实施方案四类文件。重点涉及准入前国民待遇加负面清单、总部经济、金融开放、跨境资金池、外债额度共享、债券与衍生品市场开放、服务贸易付汇和退税便利,对外资评估上海市场准入、税收外汇合规与区域布局具有参考价值。

Preface

According to relevant media report, the actual foreign investment to Shanghai in the first quarter of this year amounted to 4.669 billion US dollars, representing a 4.5% YoY increase. In the meantime, ten (10) new foreign-invested regional headquarters of multinational corporations and five (5) foreign-invested research and development centers settled down in Shanghai.  While the rest of the world almost enter into economy stagnation during the period of Covid-19 epidemic, and our national GDP growth of the first quarter is only -6.8%, why has Shanghai stood out on introducing foreign investment?  We understand that it is closely related to Shanghai’s continuously deepening its open-up to the outside world. Our team would like to brief Shanghai’s policies relating to foreign investment introduction of this year, thus to provide some reference for those foreign investors who intend to make investment in Shanghai.

 

1.上海市贯彻《长江三角洲区域一体化发展规划纲要》实施方案

Shanghai's implementation plan for implementing the Yangtze River Delta Regional Integration Development Plan

To further perform Shanghai’s core-city function and play its leading role, and to better promote the implementation of national strategies, Shanghai's implementation plan for implementing the Yangtze River Delta Regional Integration Development Plan was jointly promulgated by Shanghai Municipal CPC Committee and Shanghai Municipal Government on January 10, 2020.

The main contents of the Plan in relation to foreign investment include but not limited to: proactively exploring the full participation of qualified foreign investors into various factor markets of Shanghai; vigorously attracting the presence of international financial organizations, headquarters of large financial institutions at home and abroad to build up global asset management centers; optimizing development environment of shipping to enhance high-end shipping service capability;  vigorously developing high energy level of headquarters economy, supporting the existing MNC headquarters to enhance energy levels and to extend functions; implementing the system of pre-entry national treatment plus a negative list management for foreign investment, improving the management mode of negative list for cross-border service and reducing restrictions thereof; gradually relaxing foreign access to financial sector, expanding cross-border transactions of intellectual property rights, supporting those high level foreign talents who hold permanent residence IDs to found Sci-tech enterprises; focusing on key areas such as Demonstration Area of Ecological Green Integration Development In Yangtze Delta, constructing high-level new areas in Shanghai Pilot Free Trade Zone; focusing on the development of headquarters economy, expanding investment liberalization, deepening trade liberalization, promoting capital free flow and executing employment liberalization, etc.; constructing high-quality Shanghai Hongqiao CBD, making full effort to build the open hub, promoting the construction of a new open and shared world trade center platform, creating a business environment with international competitiveness.

 

2.《关于支持中国(上海)自由贸易试验区临港新片区发展征管服务措施的通知(试行)》(沪税函〔2020〕2号)

Notice on Supporting the Development of Tax Collection and Management Services for Lingang New Area of China ( Shanghai ) Pilot Free Trade Zone (for trial)

Shanghai Branch of State Administration of Taxation released Notice on Supporting the Development of Tax Collection and Management Services for Lingang New Area of China ( Shanghai ) Pilot Free Trade Zone (for trial) on January 16, 2020, in which some seventeen (17) specific service measures are proposed, and following are preferential policies in relation to foreign investment: for those small scale taxpayers which have no taxable income and verification of invoice type, some taxes are exempted from declaration; simplifying relevant procedures relating to external payment of service trade, implementing the electronization on tax filing of external payment relating to such projects as service trade; proactively promoting those commercial enterprises registered in Lingang New Area to file as tax rebate shops, supporting to carry out facilitation pilot of drawback "immediate refund upon collection"; benchmarking the most excellent business environment standard in the world, starting from reducing tax payments and compressing tax period, to implement the optimized measures on tax business environment in the new area firstly and to gradually replicate and promote them across the whole city.

 

3.《关于进一步加快推进上海国际金融中心建设和金融支持长三角一体化发展的意见》

Opinions on Further Expediting the Building of Shanghai into an International Financial Center and Financial Supports for the YRD Integrated Development

To further increase financial support for the construction of Lingang New Area of Shanghai Pilot Free Trade Zone and the integrated development of the Yangtze River Delta (YRD) region, Opinions on Further Expediting the Building of Shanghai into an International Financial Center and Financial Supports for the YRD Integrated Development were jointly promulgated by People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange, Shanghai Municipal Government on February 24, 2020.

 

According to the Opinions, the pilot scheme on finance will be proactively promoted in Lingang New Area, the opening-up of Shanghai's financial industry to the outside world will be accelerated at a higher level, financial supports will be given for the YRD integrated development. Based on such guidelines, some thirty (30) specific measures were formulated as follows: exploring in Lingang New Area the possibility of eliminating the special account for RMB capital funds in foreign direct investment, and launching the pilot scheme of RMB and foreign currency integrated cross-border capital pool; supporting qualified commercial banks in establishing wealth management subsidiaries in Shanghai, carrying out pilot program under which foreign-invested institutions and large-scale banks may establish wealth management joint ventures in Shanghai; supporting foreign institutions in establishing or controlling securities operation institutions and fund management companies in Shanghai, lifting the limits for shares owned by foreign investors in personal insurance business from 51% to 100% in Shanghai; supporting overseas financial institutions in establishing or controlling pension management companies in Shanghai; the fund management center set up by a transnational company in Shanghai trading in the inter-bank foreign exchange market upon approval, financial leasing parent companies and subsidiaries registered in the Shanghai Pilot Free Trade Zone being allowed to share foreign debt quota; expanding the opening-up of the bond market, further facilitate the market access of overseas investors by record-filing; focusing on the development of RMB interest rate and foreign exchange derivative market, optimizing exchange rate risk management under financial investment of overseas institutions; allowing overseas institutions to sign the master derivative agreements with the National Association of Financial Market Institutional Investors (NAFMII), the Securities Association of China (SAC), or the International Swaps and Derivatives Association (ISDA) at their sole discretion; proactively supporting eligible science and technology innovation enterprises in seeking financing by listing on the stock market, studying on how to provide foreign investors with convenient exchange services for their direct participation in the issuance and trading on the Sci-tech Innovation Board.

 

4.《上海市全面深化国际一流营商环境建设实施方案》

Shanghai’s Implementation Plan for Deepening the Construction of World-class Business Environment

To deepen the implementation of Regulation on the Optimization of Business Environment, Shanghai’s Implementation Plan for Deepening the Construction of World-class Business Environment was jointly promulgated by Shanghai Municipal CPC Committee and Shanghai Municipal Government on February 19, 2020.

 

The Plan proposed thirty-six (36) specific measures covering four (4) aspects, namely, fully promoting the government affairs service brand of “All can be handled on one Network”, creating a business environment with more international competitiveness, strengthening the system supply on protecting and energizing market players,  implementing the organizational guarantee, in which the preferential policies in relation to foreign investment are as follows: further deepening the reform of fee reduction and speed upgrade of cross-border trade, promoting the reduction of port charges, regulating charging, strengthening the management of directory list for port charges, clarifying charging standard, implementing fee reduction measures, reducing the overall cost of custom clearance, realizing “one-stop” process and queries of port related charges; optimizing and improving foreign business environment, accelerating the construction of foreign service window "All can be handled on one Network", achieving bilingual services on enterprise-related policies and projects; setting up medical appointment column for expatriates, providing services such as medical guide and appointment in English, improving the English service marks of medical institutions; building special operation crew to improve the facilitation of expatriates’ working and living in Shanghai, providing precise resource connection for expatriates’ needs on facilitation of government and public services, setting up and improving the normalized service mechanisms .

 

5.《本市贯彻〈国务院关于进一步做好利用外资工作的意见〉若干措施》(沪府规〔2020〕5号)

Shanghai’s Several Measures on Implementation of Opinions of the State Council on Further Proper Utilization of Foreign Investment

To open up wider to the outside world, to continuously build new height to attract foreign investment, and to continuously create an international, rule-by-law, facilitated business environment, Shanghai’s Several Measures on implementation of Opinions of the State Council on Further Proper Utilization of Foreign Investment was promulgated by Shanghai Municipal Government on April 8, 2020.

 

Such Measures proposed twenty-four (24) specific actions covering four (4) aspects including: for opening up, supporting foreign investment to enter into new opened areas and increasing the openness in Shanghai Pilot Free Trade Zone and Lingang New Area; for strengthening the promotion of foreign investment, perfecting the "One-stop Service System for Foreign Investment Promotion", supporting to carry out internal and external investment promotion activities, improving the quality of capital  being absorbed by open platform, intensifying the support for major foreign investment projects, establishing incentive mechanism of investment services, strengthening talents introduction for key projects, exploring the establishment of market-oriented investment incentive mechanisms, supporting each district to organize groups to conduct investment introduction abroad, intensifying training for foreign investment promotion, strengthening the interpretation and publicity of foreign investment policy advocacy; in terms of raising the level of investment facilitation,  supporting the facilitation for cross-border capital investment, optimizing the process for the permits of foreigners’ entering into China and the approval for project planning; in terms of enhancing the protection for foreign investment, comprehensively implementing Foreign Investment Law, improving the mechanisms for government -enterprise communication services, perfecting the mechanisms for complaints of foreign investment enterprises and the lawful interest protection thereof, strengthening the normative of regulatory policy implementation, making judicial protection of intellectual property play important role, improving the mechanisms for intellectual property rights protection, increasing the transparency of foreign policies, supporting the participation in standards development, promoting the equitable participation in government procurement.

 

6.《上海市优化营商环境条例》(上海市人民代表大会常务委员会公告第35号)

Shanghai’s Regulation on the Optimization of Business Environment

To continuously optimize business environment, and to build Shanghai into an excellent global city, a socialist modern international metropolis with world influence, Shanghai’s Regulation on the Optimization of Business Environment was adopted by Shanghai Municipal People’s Congress on April 10, 2020, then published and implemented on the same day.

 

Those main contents and measures under such Regulation relating to foreign investment introduction include: benchmarking international high-level investment and trade rules to promote trade facilitation, and to encourage and promote foreign investment; implementing pilot foreign investment policies in China (Shanghai) Pilot Free Trade Zone and Lingang New Area to open wider to the outside world according to the national deployment; implementing management to those industries outside of national negative list for foreign investment access in the principle of consistency between domestic and foreign capital; encouraging various types of enterprises to set up headquarters, research and development center in Shanghai, encouraging those international organizations which are closely related to the construction of Shanghai international economic, financial, trade, shipping and innovation center to settle down in Shanghai, supporting to establish international organizations relating to those focused strategic emerging industries in Shanghai; promoting the construction of foreign service window on the platform "All can be handled on one Network" to provide facilitated government services for foreigners; providing English translation or summary for those local regulations, rules, normative documents closely relating to foreign investment.

杨春宝一级律师简介

杨春宝一级律师,大成上海高级合伙人、资本市场部主任、国资基金研究中心主任,大成中国区私募基金专业带头人、科技与文化法律研究中心联合牵头人。执业30余年,长期从事私募基金、投融资、并购重组法律服务,尤其对对赌研究颇深且具有非常丰富的实战经验,并专注于金融机构股权投资业务。2004年起多次入选The Legal 500"私募基金"和"公司与商业"等境内外各类律师榜单,代理的中国法院首例适用外国法律审理外国公司的董事损害小股东权益纠纷案入选上海高院发布的《上海法院域外法查明典型案例》和威科先行"要案头条"。入选上海涉外法律人才库、上海市司法局鼎新法治人才库、上海国有企业改制法律顾问团,具有上市公司独立董事任职资格,系多家知名高校的兼职教授或兼职研究生导师及上海市商务委跨国经营人才培训班讲师。出版《私募股权投资基金风险防控操作实务》等16本投融资法律专著。了解更多

常见法律问题

上海疫情期间鼓励外商投资政策有哪些?

【法律概念与规则解释】外商投资政策通常围绕市场准入、国民待遇、负面清单、外汇与税收便利、金融开放和营商环境展开。文章所述规则并非单一法律文本,而是由地方实施方案、税务服务通知、金融支持意见和营商环境方案共同构成。其核心是给予外资更稳定的预期,在准入阶段实行准入前国民待遇加负面清单管理,在运营阶段通过跨境服务负面清单、金融开放和税收征管便利降低制度性交易成本,并突出总部经济、要素市场参与和长三角一体化联动。【案件事实与实务场景引用】文章提到,2020年一季度上海实际使用外资46.69亿美元,同比增长4.5%;同期新增10家跨国公司地区总部和5家外资研发中心。相关文件包括2020年1月10日发布的长三角一体化实施方案,明确探索合格外资参与各类要素市场、吸引国际金融组织和大型金融机构总部、发展总部经济、放松金融准入、扩大知识产权跨境交易,并支持持永久居留身份证的高层次外籍人才创办科技企业;2020年1月16日临港新片区征管服务通知提出17项措施;2020年2月24日金融支持意见提出30项措施。【实务指引与风险提示】外资应结合自身行业判断负面清单和特别管理措施,重点核查是否属于金融、总部经济、科技研发、融资租赁或服务贸易等领域,并匹配临港新片区、虹桥商务区或长三角一体化示范区的政策。集团总部和资金管理中心需关注跨境资金池、外债额度共享、银行间外汇市场交易资格及备案要求;人身险等金融领域需跟踪外资股比安排。税收方面应留存发票核定、对外支付电子化、退税商店和即征即退的合规材料。政策多为试点或实施方案,落地口径可能随区域和批次调整,投资前应就准入、外汇、税务和行业许可进行专项核查。

外资在上海金融开放中可享哪些措施?

【法律概念与规则解释】金融业对外开放涉及外资持股比例、机构设立、跨境资金流动、债券市场和衍生品市场准入等规则。文章呈现的是原则性开放安排,即以国际金融中心建设和长三角一体化为目标,在临港新片区先行试点,再逐步推动更高水平开放。核心规则包括放宽外资在人身保险等领域的持股限制,允许外资设立或控股证券经营机构、基金管理公司、养老管理公司,支持商业银行设立理财子公司及外资参与理财合资,并探索本外币一体化跨境资金池和跨国公司资金管理中心参与银行间外汇市场。【案件事实与实务场景引用】文章指出,2020年2月24日由人民银行、银保监会、证监会、外汇局和上海市政府联合发布意见,提出约30项措施。具体包括:在临港新片区探索取消外商直接投资人民币资本金专用账户,启动本外币一体化跨境资金池试点;支持合格商业银行在沪设立理财子公司,开展外资机构和大型银行设立理财合资公司试点;支持外资设立或控股证券经营机构和基金管理公司;将上海人身保险业务外资股比上限由百分之五十一提高至百分之一百;支持境外机构设立或控股养老管理公司;允许在沪跨国公司资金管理中心经批准进入银行间外汇市场;自贸区融资租赁母子公司共享外债额度;扩大债券市场开放并便利境外投资者备案入市。【实务指引与风险提示】外资进入金融领域不能仅依据开放口号,需要识别具体牌照、股东资质、注册资本、高管要求和业务范围,并与金融管理部门沟通准入路径。跨境资金池、外债额度共享、银行间外汇市场交易和衍生品主协议签署,涉及外汇管理、宏观审慎和交易协议选择,可自主选择NAFMII、SAC或ISDA主协议,但应建立套期保值与汇率风险管理。债券市场和科创板投资需关注备案、汇兑便利和退出安排。金融开放多为试点,机构应评估临港新片区与上海市区在落地节奏、税负和监管便利上的差异,并防范合规、反洗钱、数据跨境和关联交易风险。

临港新片区税收征管服务有哪些便利?

【法律概念与规则解释】税收征管服务便利属于营商环境优化的组成部分,主要针对申报、发票、对外支付、退税和办税时效等程序性规则。文章所述措施并非改变实体税负,而是通过减少申报环节、简化对外支付程序、推行电子化和优化退税管理,降低企业合规成本。其适用范围以临港新片区注册经营的企业为主,部分优化措施先行先试后逐步复制推广。对外资而言,理解这些程序规则有助于安排服务贸易付汇、利润汇出、出口退税和日常申报。【案件事实与实务场景引用】文章提到,2020年1月16日国家税务总局上海市税务局发布支持临港新片区发展的征管服务通知,提出17项具体服务措施。其中,对没有应税收入且核定发票种类的小规模纳税人,部分税种免于申报;简化服务贸易对外支付相关程序,并对服务贸易等项目对外支付税务备案实行电子化;主动推动临港新片区注册商业企业申请退税商店,支持开展离境退税即买即退便利化试点;对标全球最优营商环境标准,从减少纳税次数和压缩纳税时间入手,在新片区先行实施优化税收营商环境措施,再逐步向全市复制推广。【实务指引与风险提示】外资企业应首先确认自身是否属于小规模纳税人、是否有应税收入和发票核定情况,避免因误解免申报范围而产生逾期风险。服务贸易对外支付需关注税务备案电子化后的资料留存、合同真实性和代扣代缴义务,利润、利息、特许权使用费等项目仍可能涉及源泉扣缴。申请退税商店和即买即退需符合商业企业资质、退税系统、单据和货物离境核验要求。企业还应关注新片区先行措施与全市推广节奏的差异,建立税务健康检查机制,保存申报、备案、支付和退税凭证,防范转让定价、常设机构及跨境关联交易风险。

以上内容仅供参考,不构成法律意见。如需专业法律服务,请联系杨春宝一级律师:chambers.yang@dentons.cn

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