The State Council has decided to adjust some laws and regulations adapted to China’s Free Trade Zones (FTZs), in a bid to better implement the opening-up and reform policies in the zones.
According to the new policies, the authority has removed restrictions on the proportion of foreign ownership in shipping companies, which means wholly foreign-owned companies are allowed to set up in FTZs in Shanghai, Tianjin, Guangdong and Fujian
Additionally, the proportion of foreign ownerships in shipping agencies has been increased to 51%.
The regulation changes in FTZ reflect Beijing’s attempt to attract more foreign capital.
In 2016, authorities had already allowed the establishment of wholly foreign-owned shipmanagement companies as well as cargo loading and unloading businesses.
Sources:ENGLISH.GOV.CN
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