ISSUING AUTHORITIES:

The National Development and Reform Commission

The Ministry of Industry and Information Technology

The Ministry of Finance

The Ministry of Human Resources and Social Security

The Ministry of Natural Resources

The Ministry of Ecology and Environment

The Ministry of Transport

The Ministry of Commerce

The People’s Bank of China

State Tax Administration

China Banking and Insurance Regulatory Commission

National Energy Administration

DATE OF ISSUANCE:

February 18, 2022

On February 18, 2022, twelve authorities, led by the National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology (MIIT), jointly released the Circular on Unveiling Several Policies Promoting Stable Growth of Industrial Economy (the “Circular”) with the view to cementing the growth momentum of China’s industries amid the triple pressure of shrinking demand, supply shock and weakening expectation.

In the Circular, the authorities put forward six categories of measures, including fiscal and tax policy; financial credit policy; supply and price stability maintenance policy; investment, foreign trade and foreign investment policy; land use, energy use and environmental policy as well as support measures. The foreign investment policy proposes multiple measures to support the introduction of new foreign investment in the manufacturing sector, including initiatives to increase the supply of key factors for foreign-invested major manufacturing projects and also to facilitate the travel of foreigners and their families to China to expedite the signing, launching and commissioning of projects. The revision of the Catalogue of Encouraged Industries for Foreign Investment is also being accelerated to guide more foreign investment to advanced manufacturing. According to the Circular, the government will also roll out measures supporting innovation and development of foreign-invested research and development centers in order to improve the industrial technology level and innovation efficiency.

Reference:

十二部门联合发布《关于印发促进工业经济平稳增长的若干政策的通知》