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Initiatives of Nanjing to Build New System for Open Economy

2015-02-05 05:24:55

 

Recently, CPC Nanjing Municipal Committee and Municipal Government issued the Implementation Opinions on Deepening the Reform of Open Economy System (Hereinafter referred to as “Opinions”), which has pointed out six initiatives to speed up the establishment of new open economy system. 

    

Open economy of Nanjing should rank in the front both in China and Jiangsu Province 

    

Opinions say that Nanjing will adhere to market-oriented reform, actively integrate into national and provincial major open strategic layout, accelerate transformation of government function, optimize service system, enhance trade facilitation and improve lawful and international market environment. Thus to form a new open and cooperative system in which international and domestic factors flow freely and orderly, resources be allocated efficiently and market be integrated deeply. 

    

At the same time, we will focus on cultivating advantages in international economic competence and cooperation, to improve the quality of open economy.  

    

Take the initiative to integrate into Yangtze River Economic Belt 

 

Opinions point out clearly six initiatives to deepen reform of open economy, namely actively integrating into national and provincial strategic layout of opening up, expanding new fields of opening up, promoting facilitation of investment and trade, stimulating the motivation of go global, speeding up transformation and upgrading of development zones and creating more competitive environment. 

In order to integrate into national and provincial strategic layout of opening up, Opinions demand the learn from Shanghai Pilot Free Trade Zone, accelerating the development of Nanjing Comprehensive Bonded Zone, integrating into the development of Yangtze River Economic Belt and constructing a new platform for opening up. Nanjing will learn the reform ideas and management experience from Shanghai Pilot Free Trade Zone to promote trade management system reform of special customs supervision zone characterized by “First line open, Second line supervision” and to explore and establish institutional framework in accordance with high standard rules of international trade and investment. Meanwhile, Nanjing will promote the function integration of Nanjing Port, Nanjing Comprehensive Bonded Zone, Lukou International Airport and Nanjing Railway so as to build an open economy logistics center of Yangtze River. 

 

 

Foreign investment gradually allowed having the access to fields like medical service, children and aged care 

 

 

Nanjing will promote the opening up of financial, education, culture, tourism and other service sectors and focus on promoting foreign financial institutions (including Taiwan, Hong Kong, Macao) set up financial enterprises dealing with commercial factoring, financial lease, financing guarantee, petty loan, VC, VC management and so on. Nanjing encourages setting new international education institutions or joint venture international schools. Furthermore, foreign investment in culture creativity, cartoon games, digital industry, cultural exhibition industry and travel agency will be supported.  

    

Meanwhile, foreign investment access of medical service, children and aged care, trade and logistics, e-commerce and other service industries will be orderly open. Nanjing encourages foreign investors to set solely-invested medical institutions, and international hospitals which can provide international standard medical services to foreigners. In addition, foreign medical institutions and public hospitals can enjoy equal rights with local participants in policies like land, electricity, water, title assessment, health insurance, etc. 

    

Cultivate more than 5 home-grown multinationals with international competitiveness at the end of this year 

    

Nanjing will expedite to form a new “going-global” advantage. Priorities will be given to home-grown enterprises that have large scales, bigger brands and core competitiveness, to improve international management level and cultivate multinational corporations with headquarters in Nanjing, in the hope of cultivating more than 5 home-grown multinationals with international competitiveness. Nanjing focuses on forming going-global industrial advantages, to encourage traditional competitive industries like commercial distribution to expand new international market, and to encourage companies to participate in foreign energy and resource projects. 

    

Transforming and upgrading Pilot of Jiangning Economic Zone and Yuhua Economic Zone completed in this year 

    

In terms of transforming and upgrading of development zones, Nanjing will formulate Comprehensive Evaluation System of Development Zones to promote development zones with high-quality and high-efficiency development. Nanjing encourages development zones to focus on different industries. Each state-level development zone majors in 2 or 3 leading industries. Each provincial-level development zone majors in 1 or 2 leading industries. The transforming and upgrading pilot of Jiangning Economic Zone and Yuhua Economic Zone will be completed in this year, providing a demonstration for all other development zones in Nanjing. 

    

Meanwhile, Nanjing will construct a scientific evaluation system which is an open economic assessment evaluation system with clear direction and classified guidance. Urban area should take the comprehensive advantages of advanced economy and gathered education resources to develop modern service industry and headquarter economy of opening up and cooperation. South region should take the advantage of emerging industries cluster and transportation convenience to construct a demonstration zone of opening up and cooperation. North Jiangbei New Area should open up to both domestic and foreign market, so as to become the new growing pole of Nanjing’s open economy. 

  

 

 

 

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