The guideline, having 20 policies covering four aspects for a more "fair, transparent and predictable" better business environment for investors was brought forth by an executive meeting of the State Council as confirmed by Vice Minister of Commerce and Deputy China International Trade Representative Wang Shouwen.
As part of China fully opening up to foreign firms, the mainland will first and foremost continue to lessen and comprehensively remove restrictions in the national and pilot free trade zones.
Wang added that China will likewise hasten the opening-up of the financial sector and optimize the foreign investment policies for automobiles.
Second, China will improve the construction of pilot free trade zones to optimize the country's scientific and technological innovation services.
Third, Beijing will lower the cost of cross-border capital use making it easier for foreigners to work in China and in the same manner optimize the approval process for the use of land for foreign-funded investments.
Fourth, China will implement the foreign investment law by establishing and improving institutions for accepting complaints.
China will make the standardization of the carrying out of regulatory policies stronger and make more transparent the formulation of regulatory documents, Wang said.
Likewise, China will support both domestic and foreign enterprises for fair participation in standardization by improving and implementing improved intellectual property rights (IPR), Wang added.
The guideline assures nondiscrimination in releasing government procurement information and non-restriction on the ownership form, organizational or equity structure form, as well as product or service brands of suppliers.
Wang Shaoshuang, an official with the Ministry of Finance (MOF) confirmed that the Chinese government is committed to having a level playing field in the government procurement system.
In case foreign-funded enterprises encounter discrimination, a complaint may get raised with the procurer.
The MOF official said that if the procurer does not give a reply within the time limit, or if the supplier is dissatisfied with the reply, the foreign investor may file the complaint with the financial department at the same level.
The guideline that will be coming out mandates improvement of processes for joint disciplinary action against credit, improvement of the IPR protection system for e-commerce and establishment of a resolution process for intellectual property disputes.
Zhang Zhicheng, an official with the National Intellectual Property Administration pointed out China has strengthened its IPR protection with intensity in recent years.
Zhang said that it now takes only under two years for the approval process of trademark patents to come through and less than five months for the approval of trademark registration to get done.
