The amended Regulations of Jiangsu Province on the Protection and Encouragement of Investments from Hong Kong and Macao Compatriots will come into force on October 1.
The General Office of the Standing Committee of the Jiangsu Provincial People's Congress held a press conference on August 24 to explain the amendment.
Photo/CFP
In 2014, Jiangsu became the first in China to introduce the regional regulation, still the only one of its kind. The revision aims to promote high-quality development of investment from the two cities, boost support and protection of such investment, optimize the business environment, and enhance government services.
According to the amendment, Jiangsu will encourage investors from the two SARs to participate the implementation of major national strategies and plans, the development of advanced manufacturing clusters and competitive industrial chains, the green and low-carbon development projects, and digital transformation initiatives. The revision reflects the province’s support for the transformation, upgrading and healthy development of Hong Kong and Macao enterprises.
Zhang Songping, deputy director of the province’s Hong Kong and Macao Affairs Office, said that efforts will be made to introduce support policies, actively guide investment in emerging industries, and help Hong Kong and Macao enterprises to accelerate innovation, build their own brands and apply for intellectual property rights.
Jiangsu will also support Hong Kong and Macao enterprises to benefit from national and provincial policies and advance the opening of research and development institutions.
In line with Jiangsu's 14th Five-Year Plan, this amendment highlights the complementary advantages of three sides, promotes the implementation of the Closer Economic Partnership Arrangements (CEPA), encourages investment and cooperation in the financial sector, and facilitates financial services for Hong Kong and Macao enterprises.
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