On Tuesday, the Pingtan Comprehensive Pilot Zone (PCPZ) released a catalogue for overseas investments and some related documents that streamline the approval process for foreign investments in Pingtan.

Qiu Guangqian, a Taiwan entrepreneur, registers a trading company at the local economic development bureau in Pingtan. [Photo/pingtan.gov.cn]

The catalogue, similar to a negative list management mode, lists 106 business items in 15 industries where foreign investors are prohibited or restricted.

For all business items excluded from the catalogue, the executive approval procedures will be simplified, as they will come under archive-filing management.

Foreign investors are welcome to invest in other business items, as long as their projects are in line with international standards and do no harm to national and public security, and will enjoy the same treatment as their domestic counterparts, PCPZ’s administrative committee said in a notice.

The catalogue applies to investors from Hong Kong, Macao and Taiwan as well. Investors from those regions can enjoy more favorable conditions included in any economic and service pacts signed between the mainland and the three regions, it added.

For example, Taiwan’s investors are the only overseas investors allowed by the catalogue to engage in the shipping business in Pingtan in accordance with mainland-Taiwan service pacts and directives from the State Council.

With the catalogue, Pingtan became the first pilot area in Fujian province to carry out a reform of foreign investment approvals

On Dec 1, Pingtan spearheaded another reform in business registration, where it allowed qualified enterprises to obtain business licenses before applying for their business permits. The move simplified the approval process for all new companies and has worked out well, according to authorities.

The catalogue Pingtan issued this time is in line with international principles and paves the way for establishing an international management system of foreign investors. It is also conducive to the cross-Straits economic and trade exchange, said an official from the local economic development bureau.

Qiu Guangqian, a Taiwan owner of a new trading company, hailed the investment catalogue and said it will make business registration in Pingtan much faster and more efficient.