上海自由貿易区、リフォーム内容詳細公表

China Unveils Reform Details for China (Shanghai) Pilot Free Trade Zone

1311_ChinaChinaChina’s Central Government released the “Framework Plan for the China (Shanghai) Free Trade Zone (the “Framework Plan”)”, which listed out the reform tasks and liberalizing measures for the China (Shanghai) Pilot Free Trade Zone (“Shanghai FTZ”) on 27 September, and the “Shanghai FTZ” was officially launched on 29 September 2013.
The creation of a Shanghai FTZ is the Chinese government’s latest major initiative in adapting to global economic development trends and furthering its opening up to the outside world. The government is taking a more “business friendly” and “market driven” approach and aims to lift the zone up to international standards with convenient investment and trading procedure, full convertibility of currencies, effective and efficient goods supervision, and investor-friendly regulatory environment, according to the Framework Plan. Below are highlights of some features of the reform details of the Shanghai FTZ.

1. Easier Investment Access

According to the Framework Plan, the Shanghai FTZ will offer easier investment access to both foreign and domestic capital and further open up 6 service sectors (including 18 service industries), including the financial services, transportation services, commerce and trade services, professional services, cultural services, and public services.

Market access restrictions such as requirements concerning the qualification of investors, limitations on foreign participation, restrictions concerning business scope, etc., (except in respect of banks, information and communication services) will be suspended or cancelled, in order to create an environment of equal market access for the benefit of all investors, according to the Framework Plan. Below are the highlights of opening-up measures for the banking and Value-added Telecommunication sectors.

Banking Services

“Qualified foreign financial institutions will be allowed to set up wholly foreign-owned banks and Sino-foreign equity joint venture banks with eligible private capital within the China (Shanghai) Pilot Free Trade Zone. Restricted license banks will be allowed to be incorporated under certain conditions.”

Under current regulations (PRC Administrative Regulations on Foreign-invested Banks), foreign banks or the sole/controlling investors of foreign banks must set up a representative office and operate it in China for at least two years before they may set up an operating branch or a wholly foreign-owned bank. The Framework Plan therefore appears to eliminate the pre-condition of a rep office establishment.

Value-added Telecommunications

“Subject to the network information security, qualified FIEs (Foreign Invested Enterprises) will be allowed to engage in specific value added telecommunication services. Approval by the State Council is required if the limitations exist in current administrative regulations.”

Under the Administrative Provisions on Foreign Invested Telecommunications Enterprises, the proportion of foreign investment in value-added telecommunications services (“VATS”) must not exceed 50%. However in practice, VATS licenses are seldom granted where direct foreign investments are involved, even where such investment is restricted to less than 50% equity ownership.

2. Negative List Management Approach towards Foreign Investment

The Framework Plan provides that the Shanghai FTZ will adopt a “negative list” approach towards foreign investment administration, which means that foreign investment in all sectors should be allowed unless listed as prohibited or restricted under the “negative list” (“Negative List”). For the projects that are not stated in the “Negative List”, foreign investors and domestic investors will receive the same treatment, by going through filing procedures instead of approving requirements (with the exception of areas specifically defined by the State Council), according to the Framework Plan.

The Negative List is set to replace the 2011 Foreign Investment Industrial Guidance Catalogue (“General Catalogue”) in the Shanghai FTZ, a catalogue setting out all sectors in which foreign investment is encouraged, restricted or prohibited in China. Like the General Catalogue, the Negative List will be updated from time to time to cater to the on-going development needs of the zone.

The 2013 Negative List covers 18 main sectors divided further into 1,069 subcategories, and includes 190 special regulatory measures. The Negative List is to help reduce administrative interference and build an international business investment management system, however the 2013 Negative List is longer and more restricted than the market had expected, said analysts.

3. Opening-up of the Financial Services Sector

According to the Framework Plan, under the precondition that risk can be controlled, the Shanghai FTZ will pilot RMB capital account convertibility, interest rate liberalization, and the cross-border use of RMB. In the zone, the assets by the financial institutions will be at market rate. The Shanghai FTZ will explore the trial of a foreign exchange administrative system that is in line with international practice to better facilitate trade and investment. Enterprises are encouraged to leverage on both domestic and international market resources to liberalize cross-border financing. Administration on foreign debt will be further reformed to facilitate cross-border financing. Foreign exchange centralized operation by multinational companies’ headquarters will be enhanced to encourage the setup of regional or global treasury centers in Shanghai FTZ. The oversea companies will gradually be allowed to engage in commodity futures trading. Financial market innovations are encouraged. Equity escrow institutions will be supported to setup comprehensive financial service platform in Shanghai FTZ. The cross-border RMB reinsurance business is also encouraged to cultivate reinsurance market.

The above policies, e.g. RMB capital account convertibility and interest rates liberation, are all subject to the issuance of more detailed implementation rules. Financial experiments would proceed “as conditions allowed,” the State Council statement said, and “risks would be controlled.” Rules would be put in place over a three-year period, it said, without hint about priorities.

4. Business Registration Reform

China’s State Administration of Industry and Commerce released “Several Opinions on Supporting the Construction of Shanghai Free Trade Zone (the ‘Opinions’)” on September 26, which specify several opinions regarding the business registration reform in the Shanghai FTZ, with summary of details as follows:

Piloting the business registration system reform

Piloting the registration of subscribed capital instead of paid-up capital (excluding those subject to separate requirements for the paid-up registered capital)
Relaxing the capital registration requirements: The following capital registration requirements have been canceled in the Shanghai FTZ:
The minimum registered capital of limited liability companies (RMB30, 000);
The minimum registered capital of one-person limited liability companies (RMB100,000);
The minimum registered capital of joint stock limited companies (RMB5,000,000); and
The period within which the shareholders shall fully pay up their capital contribution.
Piloting the “license before certificate” registration system. Enterprises within the Shanghai FTZ that have obtained business licenses shall be allowed to engage in general production and business operations; for activities where permits are required, enterprises shall apply for permit to competent authorities after obtaining their business licenses.
Piloting the public announcement of enterprises’ annual reports. Enterprises in the Shanghai FTZ shall submit annual reports to the industry and commerce authority, and such reports shall be publicly released except for commercial secret related contents. Enterprises shall be responsible for the authenticity and legality of the annual reports.
Piloting the record-filing system for foreign-invested advertising enterprises
Optimizing the enterprise setting-up process and improving the registration efficiency

Piloting an “AIC One-off acceptance” system to simplify the administrative procedures for business registration: 4 working days to obtain Business Registration compared with government committed 29 working days in the past.
A new type of business license has been piloted in the zone.
Transforming the market entity supervision mode and maintaining the market order in the Shanghai FTZ.

The Shanghai FTZ will set up an information sharing system to strengthen the credit supervision of enterprises established within the zone.
Other reform details also include: simplifying the import supervision model to facilitate trade convenient and setting up a system to support outbound investment, etc.

“Shanghai FTZ should function as a test field for reforms and an open economy that would provide experience that can be duplicated and promoted nationwide,” the State Council said in a statement. Like all previous economic experiments, this project is going to be a work in progress, subject to constant refinement, analysts said.

中国政府は今年9月29日に正式オープンした上海自由貿易区におけるリフォーム計画の枠組み方針を公表しました。
中国は上海自由貿易特区を設けることにより積極的にグローバル経済への参加を試みています。市場主義アプローチを取り組んだ国際スタンダードに見合ったビジネスフレンドリー地区を目指し、投資面、貿易面、金融面などで大幅な規制緩和と環境の整備が行われます。また、外資系企業の投資を禁止する分野以外では外資投資の事前審査制度を廃止し、登録制度も実施します。

会社設立関連用件のリフォーム

国家工商行政管理総局は「上海自由貿易試験特区への支持に関する意見」を9月26日に公布しました。その中から会社登記システムのリフォーム内容について下記があげられています。
- 払込資本に変わり発行資本による登記への変更
- 最低資本金額規定を特区では排除
* 有限責任会社の最低資本金額、3万元を排除
* 一人有限責任会社の最低資本金額、10万元を排除
* 株式有限会社の最低資本金額、500万元を排除
- 出資期限を設けない
- 営業許可の前に行政認可証の取得が必要だったがこれを排除。営業許可を取得後し業務に従事できる。従事に許可が必要な営業活動に対しては、営業許可証の受け取り後、必要許可の申請となる
- 年度報告開示制度の採用、一般公開制となる
- 外商投資広告企業に対する規制緩和、許可取得が不要となる
- 会社設立手続きの簡潔化、最短4日で可能(以前は29日)
- 新しい営業許可証の発行
- 政府による監視・監督を緩和し、市場主義の強化

その他、情報共有システムの構築を初め、貿易面でもあらゆる手続きの簡潔化を図り経済の活性化を図ります。上海自由貿易試験区を通じ中国は経済自由化の試験を図り、やがて国全体に広める展望意思を強く発表しています。経済アナリストの間では、こういった中国の動きについて今後も修正などが加えられ成長していくであろうプロジェクトの一つとして注目されています。

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