The Ministry of Commerce ("MOFCOM") has recently distributed the Circular on Further Expanding Reform and Opening up to Stabilize Foreign Investment Amid the COVID-19 Epidemic (the "Circular").
The Circular rolls out 24 concrete measures in five aspects, including: 1. fully supporting foreign-invested enterprises in returning to normal the production and life; 2. promoting higher-level opening up; 3. further advancing the reform of "delegating power, streamlining administration and strengthening regulation, and improving services" in the commerce sector; 4. better serving and facilitating foreign investment; and 5. continuously improving the business environment for foreign investment. Among others, the Circular calls for efforts to enforce the pre-establishment national treatment and negative list management systems, further broaden the scope of encouraged foreign investment, forge ahead with the building of pilot free trade zones and free trade ports, deepen the pilot program for wider openness of service industries, foster the innovation and improvement in national-level economic development zones, and boost regional open development. The Circular also underscores the need to deepen the reform of foreign investment management systems, implement the measures for reporting of foreign investment information, optimize the in-process and ex-post regulatory systems, advance the reform of systems and mechanisms for national-level economic development zones, and make effective use of the special funds for foreign economic and trade development.