Chongqing: Plans to study and formulate city-level policies and measures to encourage foreign-invested enterprises to reinvest domestically.

The Development and Reform Commission of Chongqing Municipality has taken the lead in drafting the "Notice on Enhancing the Service Level of Foreign Investment Projects throughout their Lifecycle", and is now soliciting opinions and suggestions from the public. The draft proposal encourages existing foreign investment to reinvest. It will fully implement national level policies to support qualified overseas investors to offset 10% of the tax payable on direct investment of profits, temporarily exempt from withholding income tax, and reduce initial land costs, simplify registration procedures and other policy measures. It will also study and formulate city-level policies and measures to encourage foreign-invested enterprises to reinvest domestically. A comprehensive and dynamic inventory will be conducted on foreign-invested enterprises in Chongqing planning to increase investment and expand production, establish a database of existing foreign investment reinvestment projects, and promote the implementation of planned expansion and reinvestment projects within the year.