Shanxi province published new measures regarding foreign investment in early July, in response to the national policy of wider opening-up.
The provincial government is aiming to create a favorable business environment for foreign investment by reducing investment restrictions, streamlining administration and offering incentives.
According to the new measures, foreign-invested businesses will be subject to the same registered capital requirements, assessment standards and processing timetable as those of domestic companies in applications for business permits and qualifications.
They are allowed to participate in state and province-sponsored science and technology projects, as well as in economic reform in the province.
Foreign investment is also encouraged for establishing R&D centers, technical centers and postdoctoral research stations in the area, as well as building strategic partnerships with local businesses.
Meanwhile, foreign-invested industrial projects that fall under the "encouraged" category in the country's guidance catalogue for foreign investment will be supplied with land at a 30 percent discount to the national minimum price for the same class of land.
High-end foreign workers can apply for five-year residence permits, while those in extremely high demand can enjoy priority for permanent resident permits.
The province will also strengthen relationships with economic and financial organizations at home and abroad, in a bid to enhance foreign businesses' ability to obtain financing from the global market.
Local governments are permitted, within limits, to offer extra incentives to foreign investors and promote foreign investment.
