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How to Set up Foreign Investment Projects in Chongqing

Approval items

The verification and approval of foreign investment projects(for the projects Chongqing municipality is authorized to approve)

The bases for approval

The State Council's Decision on Reform of the Investment Structure (Document No. 20 issued by the State Council in 2004)
Chongqing Municipality's Interim Measures for the Approval of Foreign and Overseas Investment Projects(Document No. 110 issued by Chongqing municipal government in 2004)

Conditions for projects to be approved

1. The projects shall be in accordance with the state's relevant laws and regulations, and the industrial policies of foreign investment (according to Provisions on Guidance for Foreign Investment Industry, Decree No. 346 issued by the State Council in 2002; Guidance Catalogue of Foreign Investment Industries, Decree No. 21 jointly issued by the National Development and Planning Commission and other two ministries or commissions in 2002);
2. The projects shall be in accordance with the long and middle term planning of the economic and society development of the state, the vocation planning and the requirements of policies of industrial structure adjustment;
3. The projects shall be in accordance with the public interest and the relevant regulations on the state's anti-monopoly;
4. The projects shall be in accordance with the requirements of policies of land use planning, the general planning of city and environmental protection;
5. The projects shall be in accordance with the standard requirements of technology and techniques, prescribed by the state;
6. The projects shall be in accordance with the relevant requirements of project administration of the state's capital, and of the administration of foreign loan.

Authorities for approval

1. The encouraged or allowed projects with a total investment of from 30 million dollars (including 30 millions) to 0.1 billion dollars, or the restricted projects with a foreign investment of less than 50 million dollars shall be verified and approved by Chongqing Municipal Development and Reform Commission;
2. The industrial projects with a foreign investment of less than 50 million dollars shall be verified and approved by Chongqing Municipal Economic Commission;
3. The encouraged or allowed projects with a foreign investment of less than 30 million dollars shall be verified and approved by the local development and planning commissions;
4. If the encouraged or allowed projects with a  foreign investment of less than 30 million dollars is to transform or enlarge industrial enterprises, they shall be verified and approved by the local economic commissions;
5. If the encouraged or allowed projects with a total investment of less than 0.1 billion dollars are in the north new development zone, economic and technological development zones, or high-tech industrial development zones, they shall be verified and approved by the administrative commissions of the local development zones.

The charge for approval

Free of charge

The term for approval

1. The decision shall be made within 20 workdays since the day when the project is accepted. If the decision can be not made with 20 workdays, the term can be extended to be 30 workdays after the charge hand in the authority approves it.
2. The time the advisory body entrusted by the approval authority spends to appraise the project is not included by the term prescribed by the previous provision.

The list of application materials

(The materials shall be bound according to the order, altogether five sets are needed):
1. The application shall include the following:the name of the project, the operation term, the basic information of investors; the project's construction scale, the main content to be constructed, and the products, the mainly adopted technology and techniques, the target market, the planned number of employees; the construction location, the requirements for resources like land, water and energy, the consumption of main raw and processed materials; the appraisement of the influence upon the environment; the prices of concerned public articles or service; the total investment, the registered capital, the investment amount of every investor, the method of investment contribution, the finance plan, the equipments necessarily to be imported and the correspondent amount; If inviting of public bidding is necessary in accordance with regulations, the preliminary plan for the inviting is necessarily provided.
2. The registries (business licenses) of foreign and Chinese investors, commerce registration certificates, the latest financial statements that have been audited (including the balance sheet, the profit and loss statement and the statement of cash flows), the certificates of its credit worthiness provided by the bank where the account is opened;
3. The agreement of joint venture, the board's decisions on the increased fund and projects of purchase and mergence;
4. The letter of financing intent, provided by the bank concerned;
5. The appraisement opinions about the influence on the environment, provided by the supervising administrative authority of environmental protection;
6. The opinions about the planning and the location choosing, provided by the supervising administrative authority in charge of city planning;
7. The preliminary verification opinions about the land used for the project, provided by the supervising administrative authority in charge of land and resources; or the grant contract of  the use right of the state-owned land;
8. If the contributive capital is from the state-owned assets or land use right, the confirmation from relevant authorities shall be provided;
9. When the especially allowed projects for business are concerned, the approval from the relevant authorities shall be provided;
10. If the projects have to have a preliminary verification by local development and reform authorities in districts or counties, the preliminary verification opinions by local development and reform authorities in districts or counties shall be provided.

The ways of decision

1. The written document for the administrative approval;
2. The written document for the negative decision. But the reasons shall be provided. And the applicant shall be informed that he has the right to apply for administrative reconsideration or to bring an administrative suit according to the law;
3. The verification results will be made public in the website for investment invitation(www.investcq.gov.cn).

Modification

The applicant shall apply to the approval authority for modification if the construction location of the approved project has been changed; if the investor or the shareholding has changed; if the total investment has exceeded the approved amount by over 20%;if the relevant laws, regulations or industrial policies requires  the applicant to do modification. The modification is verified and approved in light of the original procedure of verification and approval.

The validity period of approval

Usually, 2 years.

According to the actual situation, the National Development and Reform Commission will work out and issue the model for the project application.

   

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