The State Administration of Industry and Commerce Passes Power Down, Binhai New Area Got the Right for the Examination and Approval of Foreign-Invested Enterprises

ĦĦĦĦTianjin Daily (by Sun Gang)- Yesterday, a ceremony was held in Binhai New Area for authorizing the Bureau of Industry and Commerce of Binhai New Area to the examination and approval of foreign-invested enterprises by State Administration of Industry and Commerce.This was a significant measure of the State Administration of Industry and Commerce to further support the state development strategy of developing and opening-up Binhai New Area, which will play an important role in the Binhai New Area's establishing of a market-access system in line with the requirements of development and opening-up for the foreign-invested enterprises, servicing the healthy development of foreign-invested enterprises, and optimizing the investment environment for foreigners.

ĦĦĦĦThe scope of authoritarian is£şforeign-invested enterprises approved by the Administration of Binhai New Area or its authorized departments,branches of foreign-invested enterprises, foreign-invested enterprises that have obtained approval for contract projects, contracting or entrusted management, and so on;foreign-invested enterprises whose business is in the restrained categories, and whose registered capital is less than USD6 million;those should examined and approved by State Administration of Industry and Commerce or Bureau of Industry and Commerce of provincial level, but they have given the authorization to Binhai New Area;otherwise stipulated in laws or administrative regulations, or by the State Administration of Industry and Commerce.

ĦĦĦĦThe authorization will facilitate Binhai New Area to take the opportunities of the adjustment of industrial distribution in the developed countries, strengthen the foreign investment promotion, and to optimize the industrial structure.In the meantime, it has made it easier for Binhai New Area to get foreign investment and to utilize it, to adapt themselves to the new developments with the foreign investment strategy, and to achieve the internalization and localization of the export-oriented economy.

ĦĦĦĦAfter the admission of Binhai New Area to the state development strategies, the Area has become one of the most dynamic region in China and a hot spot for investment, which has been very attractive to the foreign investors. In 2010, there were more than 300 foreign-invested enterprises settled in Binhai New Area, which were mainly in th 8 leading industries like petrochemical,aviation and aerospace, electronic information, and so on.

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