It has become a trend to open wider areas and make greater efforts to promote opening up. A few days ago, the State Council issued the Overall Plan for the New Port Area of China (Shanghai) Pilot Free Trade Zone (hereinafter referred to as the Plan), and decided to establish a new port area of China (Shanghai) Pilot Free Trade Zone. Although the establishment of the new area is focused on supporting freedom of investment, trade, capital, transportation and employment, and promoting the liberalization and facilitation of investment and trade, the health community also saw in the Plan that the establishment of the new area has brought many conveniences to the health sector.
Relax restrictions and implement fair competition to facilitate investment and operation
The establishment of the new zone has learned from the common practice of international free trade parks and implemented the foreign investment security review system. We will open more to the outside world in key areas such as health, telecommunications, insurance, securities, scientific research and technical services, and education, and relax restrictions on registered capital and investment methods. Such measures will effectively promote fair competition among various market players.
In addition, the state will explore a pilot commercial subject registration confirmation system in the new area, respect the civil rights of market subjects, and conduct formal review of documents submitted by applicants. Deeply implement the reform of "separation of certificates and licenses".
Give preferential treatment and implement special tax policy
In order to attract enterprises with international competitiveness to settle in, the state will implement tax systems and policies with international competitiveness for qualified enterprises engaged in production and R&D in key areas such as biomedicine in the new zone. For example, the enterprise income tax will be levied at a reduced rate of 15% within 5 years from the date of establishment.
The Plan clearly studies and implements the subsidy policy for individual income tax difference of overseas talents. On the premise of not leading to tax base erosion and profit transfer, explore the tax policy arrangement of pilot free trade accounts.
Carry out pilot projects to evaluate data security
It is worth mentioning that the new zone will assess the security of cross-border data flow in the biomedical field.
The Plan mentioned that the new area should be supported to focus on key areas such as biomedicine and headquarters economy, carry out security assessment of cross-border data flow on a pilot basis, and establish data security management mechanisms such as data protection capability certification, data circulation backup review, cross-border data circulation and transaction risk assessment. In the current environment, whether data and information security can be guaranteed is a matter of concern for all industries. The Plan proposes that complete international communication facilities will be built in the new area, and the construction of new generation information infrastructure such as 5G, IPv6, cloud computing, Internet of Things and Internet of Vehicles will be accelerated.
