Shanghai announced a 50-measure action plan on Sunday to fully assist domestic and foreign enterprises to recover from challenges brought by COVID-19 over the past months and reboot the city's economic vitality.
The full details of the 50 measures, covering tax rebates, rent reductions, financial subsidies, job market stabilization, promoting business operation resumption, and stabilizing foreign-funded companies' development, have become the city's latest efforts to help enterprises through the unprecedented financial difficulties due to the COVID-19 outbreak that began in early March.
Below are measures that are mainly related to foreign companies and individuals, Including: visa and PU letter support, online service system for major foreign-funded projects, increasing financial support and so on.
Measure 14:
Shanghai will establish a service mechanism for the resumption of work and production of key foreign-funded enterprises, and implement dedicated tracking services to help key foreign-funded enterprises solve outstanding problems such as resumption of work and production, logistics and transportation, epidemic prevention materials etc., and effectively stabilize the development expectations of foreign-funded enterprises.
Measure 15:
Shanghai will ensure the smooth progress of major foreign-funded projects with online service system, to help projects under negotiation and under construction resume operation as soon as possible, and implement dedicated service for them. Shanghai will also support multinational companies to set up regional headquarters and foreign R&D centers in the city.
Measure 18:
Relevant departments in Shanghai will strengthen communication with executives of foreign-funded enterprises, actively introduce the situation and strategies of epidemic prevention and control in Shanghai through video conferences and other forms, fully listen to the opinions and suggestions of foreign-funded enterprises, establish a normalized mechanism for consultation and problem-solving, and help foreign-funded enterprises solve practical problems.
For enterprises related to international trade, Shanghai will assist enterprises in fulfilling contracts, simplifying customs clearance procedures, exempting consignees and consignors from on-site inspection, supporting enterprises to handle customs clearance business online, establishing a green channel for the clearance of key materials for key enterprises, and improving efficiency for customs clearance and delivery.
For eligible enterprises affected by the epidemic, Shanghai will issue force majeure factual statements related to the COVID epidemic free of charge. The Shanghai International Arbitration Center and other relevant dispute resolution institutions will provide legal advice and assistance for international trade enterprises to safeguard their rights. Arbitration fees can be reduced, exempted, refunded or postponed accordingly.
Shanghai will provide convenience for foreign employees and their families stationed in Shanghai by foreign-funded enterprises, global executives and professional technicians carrying out important business activities, and important overseas customers of foreign-invested enterprises to handle PU letters and entry-exit procedures in China.
Measure 19:
Shanghai will increase financial support for key foreign-funded projects in the industrial chain and supply chain; start accepting the declaration of special funds for the development of regional headquarters of multinational companies in Shanghai in 2022 in advance, and strive to complete the allocation by end of September.
**The above measures will come into effect from June 1, 2022 and be valid until December 31, 2022
A key part of the action plan is to stabilize foreign investment and trade as well as accelerate the recovery of consumption and investment. Specialists will be assigned to provide service for key foreign-funded enterprises to resume work and production, Wu Qing, vice-mayor of Shanghai said.
Altogether 1,525 key foreign-funded companies and those in international trade were on the government's list to resume work and production in three batches, and the resumption rate has reached 91 percent, 73 percent, and 50 percent so far, said Gu Jun, director of the Shanghai Commerce Commission.
Source: OneTubeDaily
