(Yicai Global) April 13 -- Shanghai has introduced a raft of new policies to boost trade and investment by enhancing the business environment for foreign companies, with a special focus on protecting their intellectual property rights.
The 24 measures unveiled at an event held in the Pudong district store of Sam’s Club, Walmart’s retail warehouse chain, on April 10 provide a way for overseas investors to file complaints and protect their legal rights more effectively. Regulators will also impose stiffer penalties on miscreants found to have significantly infringed on the IP rights of foreign businesses.
The measures are also a key step in supporting foreign participation in new industries as part of China’s next round of opening-up with finance and new energy vehicles touted for inclusion.
"The new round of reform to improve the business environment in Shanghai is geared to satisfying companies... to make the city a more convenient place to do business, with more efficient and regulated government services and a sound legal system," Jiang Ying, vice-chairman of Deloitte China, said at the event.
The government of the eastern Chinese city also drew attention to the many successes the city has already chalked up so far this year despite the Covid-19 epidemic. USD24 billion worth of investment was inked for 129 projects between January and March, according to Yang Chao, deputy director of Shanghai’s commerce commission.
That level of investment demonstrates “foreign companies’ strong confidence in China and Shanghai," Yang said.
The measures are also geared toward further opening up Shanghai’s Free Trade Zone, especially the newly included Lingang Special Area, home to Tesla’s first factory outside of the US. Telecoms, science and technology services, education and healthcare are among the fields expected to be included in the push for greater foreign investment in the FTZ.