By Yuling Chen, EDITOR
On March 27, 2019, the Chongqing Municipal People’s Government released the Notice by the Chongqing Municipal People’s Government on the Implementation of Measures Taken by the State Council to Support Pilot Free Trade Zones in Deepening Reform and Innovation” (“Chongqing Municipal Government Notice” for short) on its official website. Based on that, individuals can legally participate in overseas securities investment in Chongqing, China (Chongqing) Pilot Free Trade Zone will set up trademark-related affairs handling windows in the first half year, and overseas students can apply for on-campus work-study during their study period in Chongqing.
China (Chongqing) Pilot Free Trade Zone
Among the 53 measures taken by the State Council to support the pilot FTZs in deepening reform and innovation, there are 41 measures applicable to China (Chongqing) Pilot Free Trade Zone (“Chongqing FTZ” for short). To implement these measures, the Chongqing Municipal Government will carry out task assignment, involving the creation of a good investment environment, the promotion of trade facilitation, the promotion of financial innovation in serving the real economy, etc.
Individuals Can Legally Participate in Overseas Securities Investment in Chongqing
According to the State Council Notice, the state will support eligible individuals in pilot FTZs to carry out overseas securities investment in accordance with regulations and support the intellectual property securitization in the pilot FTZs where conditions permit.
According to the Chongqing Municipal Government Notice, Chongqing should promote qualified investors in the Chongqing FTZ to conduct overseas securities investment through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect before the end of June this year. Meanwhile, it will also introduce the asset securitization into the Chongqing FTZ.
In respect of other financial measures, in accordance with the State Council Notice, the governments ought to encourage and support the banking financial institutions in pilot FTZs to issue RMB loans to overseas institutions and projects based on real needs and principle of prudence. In this way, it is available to meet various financing needs of “going-global” enterprises, such as the overseas investment, the project construction, the engineering contract, and the large equipment export. According to the Chongqing Municipal Government Notice, before the end of June this year, the Chongqing Operations Office of the People’s Bank of China should cope with the matters related to the issuance of RMB loans to overseas institutions and projects to meet the financing needs of “going-global” enterprises.
Chongqing FTZ will set up trademark-related affairs handling windows in the first half year
In last December, the first batch of FTZ trademark-related affairs handling windows settled in the Wuhan East Lake High-Tech Development Zone. Afterward, in the first half of this year, the Chongqing FTZ will also set up such handling windows.
The State Council Notice informed that it is necessary to support the establishment of trademark-related affairs handling windows, and related branches for coping with the pledge registration of trademark rights in pilot FTZs. For this, Chongqing will set up trademark-related affairs handling windows in the Chongqing Cooperation Center for Trademark Examination in the core area of the Chongqing FTZ in the first half year. Furthermore, it will also establish the Chongqing Pledge Registration Application Acceptance Branch of Trademark Exclusive Right in the Jiangbei area of the Chongqing FTZ.
In other fields of intellectual property, the State Council Notice informed that it is necessary to further relax the restrictions on shareholders of patent agencies. For newly-established patent agencies with limited liability system, it is allowed that there are no more than one-fifth of the shareholders who are not qualified for patent agents. And the shareholders must be Chinese citizens above 18 years old and can engage in full-time jobs in patent agencies.
In accordance to the Chongqing Municipal Government Notice, Chongqing should carry out the pilot work of the reform of patent agency industry. By this means, the pilot policies of patent agency reform, such as lowering the standards of national Patent Agent Qualification Examination and relaxing the conditions on establishing patent agencies, can deliver tangible results in pilot FTZs.
Overseas Students Can Apply for On-Campus Work-Study during Their Study Period
As the Chongqing FTZ develops, an increasing number of foreigners will come to Chongqing for work, study and dwelling. Through implementing the measures for deepening the reform, the Chongqing FTZ will provide them with better guarantee conditions.
The State Council Notice informed that it is necessary to study and establish the work-study management system for overseas students in China. In addition, the pilot FTZs should formulate relevant enforcement regulations to achieve standardized management. According to the Chongqing Municipal Government Notice, Chongqing ought to facilitate the colleges and universities in the city to provide practice opportunities required by teaching and training programs for overseas students and allow these students to apply for on-campus work-study during their study period.
Regarding the work of foreign talents, according to the State Council Notice, the governments should learn from the experience of comprehensive pilot projects of expanded opening-up in Beijing’s service industry. It is also required to loosen the restrictions on the proportion of foreign technical personnel in foreign-invested construction engineering design enterprises and extend the limitations on talent intermediary agencies. In accordance with the Chongqing Municipal Government Notice, Chongqing will no longer make demands on the proportion of foreign technicians in engineering design enterprises. In the meantime, it is going to promote the specific measures to relax restrictions on talent intermediary agencies, so as to boost the development of talent intermediary industry.
Source: CQCB