The Fujian provincial government released 35 measures to further promote the reform and innovation in the China (Fujian) Pilot Free Trade Zone (FTZ) on Nov 30, 2018.

The FTZ, established in 2014, is a test bed for reform and innovation, and aims to boost cross-Straits links and promote economic ties between Fujian and the economies involved in the Belt and Road Initiative. It is composed of three areas: Pingtan, Xiamen and Fuzhou.

The concrete measures mainly cover seven aspects: make it easier to invest in the zone, promote innovation in the international trade supervisory system, cultivate new platforms and business types, boost financial innovation to serve the real economy, deepen cross-Straits cooperation, strengthen intellectual property rights protection and legal arbitration services, and spare no effort in the implementation of the measures.

Make it easier to invest in the zone

The FTZ will simplify the procedures for business scope registration. Standardized expressions for the business scope will be launched in the zone and then registrants can check the boxes associated with their business items independently.

It will accelerate the process for providing most of its government affairs services online by sharing data and information on all departments.

It will simplify the examination and approval procedures for industrial products production licenses, and establish a corresponding supervisory system.

The zone is going to boost innovation in the registration of real estate. Housing registration, transaction, and taxation will be done at the same time.

It will further open up its service sector. Requirements on the proportion of foreign technical personnel in foreign-invested enterprises when dealing with construction engineering and design projects will be abolished. Access conditions for foreign-invested companies will be eased, including reducing the total assets of foreign investors in the year before their applications to $100 million and the number of their companies established in China to three.

The zone will pilot a commitment system for enterprise investment projects, which will replace examination and approval with access criteria, and put more emphasis on supervision and service in the middle and late stages of a project.

The practice in Xiamen area that integrates several measurement tasks after project completion into one will be implemented around the FTZ.

The FTZ will pilot an architect responsibility system. Professionals will be responsible for the technical examination of constructional engineering projects; architects and their teams will respond to consultation, design services, project costs and quality control, and credit constraints throughout the project; relevant departments will be in charge of the standard establishment and supervision in the middle and late stages of a project.