Shanghai Free Trade Zone 7 years on / Reforms and Innovation

Measures for promoting high-quality development of MNC regional headquarters in Pudong New Area

chinadaily.com.cn | Updated:2020-05-25

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The government of Pudong New Area has introduced 16 measures aimed at fostering the area as a new hub for the development of a headquarters economy. [Photo by Wang Xiang/Xinhua]

The government of Pudong New Area has introduced 16 measures aimed at fostering the area as a new hub for the development of a headquarters economy, and promoting it as a new center for the efficient allocation of global economic resources.

Strengthen Pudong's role in global resource allocation, and evolve the functional levels of headquarters:

* Provide support for MNCs to set up their Asia-Pacific or global headquarters in Pudong. Qualifying MNCs setting up regional headquarters in Pudong will be given financial support.

* Promote the upgrading and transformation of MNC regional headquarters, aiming to make them versatile and multifunctional.

Enhance the role of scientific and technological innovation, and improve service quality for international talent:

* Set up a green channel for outstanding talents from MNC regional headquarters to apply for a Shanghai hukou (household registration status).

* Top foreign talents, foreign talents with special skills and foreign celebrities from MNC regional headquarters are encouraged to apply for Chinese permanent residence permits.

* Extend the functions of free trade accounts, to provide multiple financial services for foreign employees.

Further enhance the leading role of high-end industries, and continue to develop new economic models and new business types:

* Encourage MNC regional headquarters to carry out offshore intermediary trade, and introduce competitive supportive policies for industrial development.

* Encourage MNC regional headquarters to expand new business models and forms such as digital trade and cross-border e-commerce, and offer optimized and convenient services for RMB cross-border clearing deals.

Strengthen Pudong's role as the hub and gateway of economic opening-up, and focus on improving the facilitation of trade, investment and customs:

* Promote reorganization of MNCs and special tax treatment will be provided to those that meet the conditions.

* Support MNCs in carrying out centralized operation and management of domestic and foreign capital of member firms.

* Support MNCs in launching two-way cross-border RMB capital pool businesses.

* Support MNCs in introducing policies to facilitate the payment of foreign exchange income under capital accounts.

* Encourage qualified innovative enterprises to borrow external debt independently, within a certain amount.

* Expand the functions of free trade accounts, and offer cross-border financial services for the offshore trading of bulk and spot commodities.

* Give priority to MNC regional headquarters and their subordinate units when they apply for Authorized Economic Operator (AEO) certification.

* Provide MNC regional headquarters with best services. Give full play to functions of the Shanghai Pudong Sharing Service Center for Headquarters Economy, with an aim of offering integrated, accurate, value-added and extended services.

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