Summary on Shanghai's Policies in Relation to Encouragement of Foreign Investment during Period of Covid-19 Epidemic

文章摘要 本文梳理了2020年疫情期间上海为鼓励外商投资出台的多项政策,涵盖长三角一体化发展、临港新片区税收征管服务优化、国际金融中心建设及营商环境深化等核心领域。文章指出,上海通过扩大金融开放、简化税务流程、支持总部经济与研发中心落地等措施,在逆势中实现实际使用外资增长,为外资企业提供了制度性保障与市场机遇。实务价值在于帮助境外投资者系统了解上海最新开放政策框架,把握投资准入、税收优惠、跨境资金流动等关键规则,从而有效规划在沪投资布局。

Preface

According to relevant media report, the actual foreign investment to Shanghai in the first quarter of this year amounted to 4.669 billion US dollars, representing a 4.5% YoY increase. In the meantime, ten (10) new foreign-invested regional headquarters of multinational corporations and five (5) foreign-invested research and development centers settled down in Shanghai.  While the rest of the world almost enter into economy stagnation during the period of Covid-19 epidemic, and our national GDP growth of the first quarter is only -6.8%, why has Shanghai stood out on introducing foreign investment?  We understand that it is closely related to Shanghai’s continuously deepening its open-up to the outside world. Our team would like to brief Shanghai’s policies relating to foreign investment introduction of this year, thus to provide some reference for those foreign investors who intend to make investment in Shanghai.

 

1.上海市贯彻《长江三角洲区域一体化发展规划纲要》实施方案

Shanghai's implementation plan for implementing the Yangtze River Delta Regional Integration Development Plan

To further perform Shanghai’s core-city function and play its leading role, and to better promote the implementation of national strategies, Shanghai's implementation plan for implementing the Yangtze River Delta Regional Integration Development Plan was jointly promulgated by Shanghai Municipal CPC Committee and Shanghai Municipal Government on January 10, 2020.

The main contents of the Plan in relation to foreign investment include but not limited to: proactively exploring the full participation of qualified foreign investors into various factor markets of Shanghai; vigorously attracting the presence of international financial organizations, headquarters of large financial institutions at home and abroad to build up global asset management centers; optimizing development environment of shipping to enhance high-end shipping service capability;  vigorously developing high energy level of headquarters economy, supporting the existing MNC headquarters to enhance energy levels and to extend functions; implementing the system of pre-entry national treatment plus a negative list management for foreign investment, improving the management mode of negative list for cross-border service and reducing restrictions thereof; gradually relaxing foreign access to financial sector, expanding cross-border transactions of intellectual property rights, supporting those high level foreign talents who hold permanent residence IDs to found Sci-tech enterprises; focusing on key areas such as Demonstration Area of Ecological Green Integration Development In Yangtze Delta, constructing high-level new areas in Shanghai Pilot Free Trade Zone; focusing on the development of headquarters economy, expanding investment liberalization, deepening trade liberalization, promoting capital free flow and executing employment liberalization, etc.; constructing high-quality Shanghai Hongqiao CBD, making full effort to build the open hub, promoting the construction of a new open and shared world trade center platform, creating a business environment with international competitiveness.

 

2.《关于支持中国(上海)自由贸易试验区临港新片区发展征管服务措施的通知(试行)》(沪税函〔2020〕2号)

Notice on Supporting the Development of Tax Collection and Management Services for Lingang New Area of China ( Shanghai ) Pilot Free Trade Zone (for trial)

Shanghai Branch of State Administration of Taxation released Notice on Supporting the Development of Tax Collection and Management Services for Lingang New Area of China ( Shanghai ) Pilot Free Trade Zone (for trial) on January 16, 2020, in which some seventeen (17) specific service measures are proposed, and following are preferential policies in relation to foreign investment: for those small scale taxpayers which have no taxable income and verification of invoice type, some taxes are exempted from declaration; simplifying relevant procedures relating to external payment of service trade, implementing the electronization on tax filing of external payment relating to such projects as service trade; proactively promoting those commercial enterprises registered in Lingang New Area to file as tax rebate shops, supporting to carry out facilitation pilot of drawback "immediate refund upon collection"; benchmarking the most excellent business environment standard in the world, starting from reducing tax payments and compressing tax period, to implement the optimized measures on tax business environment in the new area firstly and to gradually replicate and promote them across the whole city.

 

3.《关于进一步加快推进上海国际金融中心建设和金融支持长三角一体化发展的意见》

Opinions on Further Expediting the Building of Shanghai into an International Financial Center and Financial Supports for the YRD Integrated Development

To further increase financial support for the construction of Lingang New Area of Shanghai Pilot Free Trade Zone and the integrated development of the Yangtze River Delta (YRD) region, Opinions on Further Expediting the Building of Shanghai into an International Financial Center and Financial Supports for the YRD Integrated Development were jointly promulgated by People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange, Shanghai Municipal Government on February 24, 2020.

 

According to the Opinions, the pilot scheme on finance will be proactively promoted in Lingang New Area, the opening-up of Shanghai's financial industry to the outside world will be accelerated at a higher level, financial supports will be given for the YRD integrated development. Based on such guidelines, some thirty (30) specific measures were formulated as follows: exploring in Lingang New Area the possibility of eliminating the special account for RMB capital funds in foreign direct investment, and launching the pilot scheme of RMB and foreign currency integrated cross-border capital pool; supporting qualified commercial banks in establishing wealth management subsidiaries in Shanghai, carrying out pilot program under which foreign-invested institutions and large-scale banks may establish wealth management joint ventures in Shanghai; supporting foreign institutions in establishing or controlling securities operation institutions and fund management companies in Shanghai, lifting the limits for shares owned by foreign investors in personal insurance business from 51% to 100% in Shanghai; supporting overseas financial institutions in establishing or controlling pension management companies in Shanghai; the fund management center set up by a transnational company in Shanghai trading in the inter-bank foreign exchange market upon approval, financial leasing parent companies and subsidiaries registered in the Shanghai Pilot Free Trade Zone being allowed to share foreign debt quota; expanding the opening-up of the bond market, further facilitate the market access of overseas investors by record-filing; focusing on the development of RMB interest rate and foreign exchange derivative market, optimizing exchange rate risk management under financial investment of overseas institutions; allowing overseas institutions to sign the master derivative agreements with the National Association of Financial Market Institutional Investors (NAFMII), the Securities Association of China (SAC), or the International Swaps and Derivatives Association (ISDA) at their sole discretion; proactively supporting eligible science and technology innovation enterprises in seeking financing by listing on the stock market, studying on how to provide foreign investors with convenient exchange services for their direct participation in the issuance and trading on the Sci-tech Innovation Board.

 

4.《上海市全面深化国际一流营商环境建设实施方案》

Shanghai’s Implementation Plan for Deepening the Construction of World-class Business Environment

To deepen the implementation of Regulation on the Optimization of Business Environment, Shanghai’s Implementation Plan for Deepening the Construction of World-class Business Environment was jointly promulgated by Shanghai Municipal CPC Committee and Shanghai Municipal Government on February 19, 2020.

 

The Plan proposed thirty-six (36) specific measures covering four (4) aspects, namely, fully promoting the government affairs service brand of “All can be handled on one Network”, creating a business environment with more international competitiveness, strengthening the system supply on protecting and energizing market players,  implementing the organizational guarantee, in which the preferential policies in relation to foreign investment are as follows: further deepening the reform of fee reduction and speed upgrade of cross-border trade, promoting the reduction of port charges, regulating charging, strengthening the management of directory list for port charges, clarifying charging standard, implementing fee reduction measures, reducing the overall cost of custom clearance, realizing “one-stop” process and queries of port related charges; optimizing and improving foreign business environment, accelerating the construction of foreign service window "All can be handled on one Network", achieving bilingual services on enterprise-related policies and projects; setting up medical appointment column for expatriates, providing services such as medical guide and appointment in English, improving the English service marks of medical institutions; building special operation crew to improve the facilitation of expatriates’ working and living in Shanghai, providing precise resource connection for expatriates’ needs on facilitation of government and public services, setting up and improving the normalized service mechanisms .

 

5.《本市贯彻〈国务院关于进一步做好利用外资工作的意见〉若干措施》(沪府规〔2020〕5号)

Shanghai’s Several Measures on Implementation of Opinions of the State Council on Further Proper Utilization of Foreign Investment

To open up wider to the outside world, to continuously build new height to attract foreign investment, and to continuously create an international, rule-by-law, facilitated business environment, Shanghai’s Several Measures on implementation of Opinions of the State Council on Further Proper Utilization of Foreign Investment was promulgated by Shanghai Municipal Government on April 8, 2020.

 

Such Measures proposed twenty-four (24) specific actions covering four (4) aspects including: for opening up, supporting foreign investment to enter into new opened areas and increasing the openness in Shanghai Pilot Free Trade Zone and Lingang New Area; for strengthening the promotion of foreign investment, perfecting the "One-stop Service System for Foreign Investment Promotion", supporting to carry out internal and external investment promotion activities, improving the quality of capital  being absorbed by open platform, intensifying the support for major foreign investment projects, establishing incentive mechanism of investment services, strengthening talents introduction for key projects, exploring the establishment of market-oriented investment incentive mechanisms, supporting each district to organize groups to conduct investment introduction abroad, intensifying training for foreign investment promotion, strengthening the interpretation and publicity of foreign investment policy advocacy; in terms of raising the level of investment facilitation,  supporting the facilitation for cross-border capital investment, optimizing the process for the permits of foreigners’ entering into China and the approval for project planning; in terms of enhancing the protection for foreign investment, comprehensively implementing Foreign Investment Law, improving the mechanisms for government -enterprise communication services, perfecting the mechanisms for complaints of foreign investment enterprises and the lawful interest protection thereof, strengthening the normative of regulatory policy implementation, making judicial protection of intellectual property play important role, improving the mechanisms for intellectual property rights protection, increasing the transparency of foreign policies, supporting the participation in standards development, promoting the equitable participation in government procurement.

 

6.《上海市优化营商环境条例》(上海市人民代表大会常务委员会公告第35号)

Shanghai’s Regulation on the Optimization of Business Environment

To continuously optimize business environment, and to build Shanghai into an excellent global city, a socialist modern international metropolis with world influence, Shanghai’s Regulation on the Optimization of Business Environment was adopted by Shanghai Municipal People’s Congress on April 10, 2020, then published and implemented on the same day.

 

Those main contents and measures under such Regulation relating to foreign investment introduction include: benchmarking international high-level investment and trade rules to promote trade facilitation, and to encourage and promote foreign investment; implementing pilot foreign investment policies in China (Shanghai) Pilot Free Trade Zone and Lingang New Area to open wider to the outside world according to the national deployment; implementing management to those industries outside of national negative list for foreign investment access in the principle of consistency between domestic and foreign capital; encouraging various types of enterprises to set up headquarters, research and development center in Shanghai, encouraging those international organizations which are closely related to the construction of Shanghai international economic, financial, trade, shipping and innovation center to settle down in Shanghai, supporting to establish international organizations relating to those focused strategic emerging industries in Shanghai; promoting the construction of foreign service window on the platform "All can be handled on one Network" to provide facilitated government services for foreigners; providing English translation or summary for those local regulations, rules, normative documents closely relating to foreign investment.

杨春宝一级律师简介

杨春宝一级律师,大成上海高级合伙人、资本市场部主任、国资基金研究中心主任,大成中国区私募基金专业带头人、科技与文化法律研究中心联合牵头人。执业30余年,长期从事私募基金、投融资、并购重组法律服务,尤其对对赌研究颇深且具有非常丰富的实战经验,并专注于金融机构股权投资业务。2004年起多次入选The Legal 500"私募基金"和"公司与商业"等境内外各类律师榜单,代理的中国法院首例适用外国法律审理外国公司的董事损害小股东权益纠纷案入选上海高院发布的《上海法院域外法查明典型案例》和威科先行"要案头条"。入选上海涉外法律人才库、上海市司法局鼎新法治人才库、上海国有企业改制法律顾问团,具有上市公司独立董事任职资格,系多家知名高校的兼职教授或兼职研究生导师及上海市商务委跨国经营人才培训班讲师。出版《私募股权投资基金风险防控操作实务》等16本投融资法律专著。了解更多

常见法律问题

上海疫情期间鼓励外资有哪些政策?

法律概念与规则解释方面,上海在疫情期间鼓励外商投资并非依靠单一文件,而是通过一系列地方性实施方案和部门通知形成政策组合。其核心法律规则包括:对外商投资实行准入前国民待遇加负面清单管理,减少跨境服务限制,扩大金融、航运、总部经济等领域的开放措施。这些规则旨在降低外资进入门槛,保障外资企业与内资企业同等参与市场竞争,同时通过简化行政审批和优化服务流程提升投资便利化水平。相关政策文件由上海市委、市政府及中央金融监管部门联合发布,具有较高的规范效力与执行刚性。n案件事实与实务场景引用方面,文章数据显示,2020年第一季度上海实际使用外资达46.69亿美元,同比增长4.5%,新增跨国公司地区总部10家、外资研发中心5家。这一成绩与上海持续推出的开放政策直接相关。例如,长三角一体化实施方案中明确支持外资参与要素市场建设,吸引国际金融组织落户;临港新片区税收服务通知则提出简化服务贸易对外支付流程、推行出口退税便利化措施;金融中心建设意见允许外资保险机构在沪持股比例提升至100%,并支持跨境资本池试点。这些具体措施为外资企业在疫情期间持续加码上海提供了制度支撑。n实务指引与风险提示方面,外资企业应重点关注政策适用区域与行业范围。长三角一体化政策侧重区域联动,临港新片区政策适用于区内注册企业,金融开放政策则针对持牌金融机构。企业在选择投资路径时,应结合自身业务类型判断适用政策,并关注配套实施细则。同时,部分试点政策如跨境资本池、出口退税即收即退等具有试行性质,需注意时效性和申请条件。建议企业建立政策跟踪机制,及时与商务、税务、金融监管部门沟通,避免因政策理解偏差导致合规风险。

临港新片区税收服务措施对外资有何优惠?

法律概念与规则解释方面,临港新片区作为上海自贸试验区的重要组成,享有特殊的税收征管服务政策。根据税务部门发布的通知,相关措施主要围绕纳税申报简化、服务贸易对外支付便利化、出口退税提速等维度展开。其法律性质属于税收征管层面的服务优化,并非直接降低税率,但通过减少申报环节、压缩办税时间、推行电子化流程,实质降低企业遵纳税成本。同时,通知提出对标国际最优营商环境,先行实施税务优化措施并逐步向全市复制推广,这体现了税收治理法治化与便利化相结合的原则。n案件事实与实务场景引用方面,文章具体提到对没有应税收入且需核定发票类型的小规模纳税人,部分税种免于申报;简化服务贸易等项目的对外支付税务备案流程,推行电子化办理;支持临港新片区商贸企业登记为退税商店,开展进口退税即征即退的便利化试点。上述措施直接回应了外资企业常见痛点,如跨境服务贸易付汇环节多、退税周期长等问题。以电子化办理为例,企业无需多次往返税务机关,可在线完成备案与申报,显著提高资金周转效率。这些具体安排为外资企业在临港从事贸易、技术服务等业务创造了更为友好的税收环境。n实务指引与风险提示方面,外资企业享受上述便利措施需注意适用主体和程序要求。小规模纳税人免税申报政策仅适用于符合条件的纳税人,服务贸易对外支付便利化需提前完成税务备案,退税商店资质需专门申请。企业应梳理自身业务是否落入政策适用范围,避免因误判而遗漏申请。同时,临港新片区税收措施仍处于试行阶段,部分流程可能调整,建议企业保持与主管税务机关的沟通,及时获取最新操作指引。对于跨境资金和贸易安排,还应同步关注外汇管理及海关监管要求,确保整体合规。

上海金融开放政策对外资机构有何利好?

法律概念与规则解释方面,上海金融开放政策的核心是通过放宽外资持股比例限制、扩展跨境资本流动渠道、便利境外投资者参与金融市场等方式,吸引国际金融机构在沪设立法人机构或开展业务。根据央行、金融监管部门及上海市政府联合发布的意见,上海将加快金融业对外开放,推动人民币利率和外汇衍生品市场发展,优化境外机构投资金融市场的汇率风险管理。这些规则建立在负面清单管理框架之下,明确外资可进入银行、保险、证券、基金、养老金融等领域,并与内资金融机构适用趋同的监管标准,体现了公平竞争的市场原则。n案件事实与实务场景引用方面,文章列举了多项具体开放举措:支持外国投资者在沪设立或控股证券经营机构、基金管理公司;将外资在人身险业务的持股比例上限提升至100%;支持境外金融机构设立或控股养老金管理公司;允许跨国公司资金管理中心经批准参与银行间外汇市场交易;推动金融租赁母子公司共享外债额度;扩大债券市场开放,境外投资者可通过备案方式便捷入市。此外,还允许境外机构自主选择与中国银行间市场交易商协会、证券业协会或国际互换与衍生工具协会签订衍生品主协议。这些措施为外资机构提供了更多市场准入机会和运营灵活性。n实务指引与风险提示方面,外资机构在利用上述政策时,应关注资质审批要求和试点范围。例如,设立或控股证券、基金公司需满足行业监管条件,人身险持股比例放开可能伴随股东资质审查,跨境资本池试点仅限临港新片区,衍生品协议选择需评估法律适用与争议解决机制。同时,金融市场开放涉及人民币汇率波动和跨境资金流动风险,外资机构应建立完善的合规与风控体系。建议依托上海国际金融中心建设机遇,结合自身优势选择业务切入点,并密切关注金融监管部门后续发布的操作细则,确保政策红利落地而不触碰监管红线。

以上内容仅供参考,不构成法律意见。如需专业法律服务,请联系杨春宝一级律师:chambers.yang@dentons.cn

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