"18" escort first private investment guide for private enterprises released

A few days ago, the National Development and Reform Commission and 13 departments including the Ministry of Industry and Information Technology, the Ministry of Finance, and the Ministry of Commerce formulated and jointly issued the “Implementation Opinions on Encouraging and Guiding Private Enterprises to Actively Launch Overseas Investment” (hereinafter referred to as “Implementation Opinions”). The relevant person in charge of the National Development and Reform Commission pointed out in the interpretation that the "Implementation Opinions" is the first comprehensive policy document formulated and issued by China to encourage private enterprises to carry out overseas investment. The purpose is to address the problems encountered in the process of "going out". Take practical measures to promote the sound and rapid development of private enterprises' overseas investment. "Going out" urgently needs the policy to guide the Party Central Committee and the State Council to implement the "going out" strategy. In just over a decade, Chinese enterprises have actively and steadily carried out overseas opportunities and challenges under the conditions of economic globalization. Investment cooperation has achieved remarkable results. According to preliminary statistics, as of the end of 2011, China’s foreign direct investment totaled US$382.3 billion. In that year, it invested a total of US$65.1 billion in 132 countries and regions, ranking first in developing countries. During the "11th Five-Year Plan" period, China's foreign direct investment totaled 228.92 billion US dollars, with an average annual growth rate of 34.3%. In this process, private enterprises have become an important force for Chinese companies to “go global”. According to the statistics of relevant departments, in recent years, the proportion of non-state-owned enterprises (mainly private enterprises) accounting for overseas investment flows of Chinese enterprises has been rising, reaching about 44% in 2011. The relevant person in charge of the National Development and Reform Commission pointed out that at present, there are many outstanding difficulties and problems encountered by Chinese enterprises in overseas investment. For example, some private enterprises have large gaps in capital, technology, management, international operation and risk prevention capabilities and overseas investment requirements. The overseas investment intermediary service system is still immature, compared with the requirements of overseas investment and international competitors. The relatively small scale and weak strength of enterprises, the lack of international professional talents, the lack of multinational business experience and corporate culture, lack of long-term planning, disorderly competition and even malicious competition have occurred from time to time. Coupled with some new situations and new problems in the international and domestic economic situation, the risk of overseas investment in some regions and industries has increased. To this end, the “Opinions on Encouraging and Guiding the Healthy Development of Private Investment” issued by the State Council clearly stated that it is necessary to encourage and guide private enterprises to “go global” and actively participate in international competition. The "Implementation Opinions" is to implement the specific requirements of the work of the State Council. 18 policy measures to promote overseas investment It is understood that the "Implementation Opinions" from five aspects of vigorously strengthening macro guidance, effectively improving policy support, simplifying and standardizing overseas investment management, comprehensive service guarantee, strengthening risk prevention, and safeguarding personnel assets security 18 policy measures were proposed to encourage and guide private enterprises to conduct overseas investment. Specifically, it is necessary to strengthen planning guidance and overall coordination for overseas investment of private enterprises, do a good job in guiding foreign investment, promote enterprises to improve their own decision-making level, guide and standardize overseas business operations; implement and improve fiscal and tax support policies, and increase financial and insurance support; Deepen the reform of the customs clearance system; improve the overseas investment regulations and systems, simplify and improve overseas investment management, improve and improve foreign exchange management policies; improve the level of economic and diplomatic services, improve the multi-bilateral investment guarantee mechanism, improve the level of overseas investment customs clearance services, and comprehensively enhance information and Intermediary and other services, guide private enterprises to implement trademark internationalization strategy; improve the management mechanism of overseas enterprises, improve major risk prevention mechanisms, and strengthen the security of overseas personnel and property. The relevant person in charge of the National Development and Reform Commission said that the three words can be used to describe the characteristics of the Implementation Opinion. The first is “wide”, which covers all major aspects of encouraging and guiding private enterprises to invest abroad. The second is “new”, which reflects the working ideas of actively combining the new situation and new situation with the attitude of pioneering and innovating to promote the development of overseas investment by private enterprises. The third is “real”. According to the actual difficulties and problems encountered by private enterprises in the process of overseas investment, specific work measures have been put forward in a targeted manner. Putting policy measures into practice as a policy document jointly issued by 13 departments, the main contents of the policies proposed in the Implementation Opinions will be further refined by the relevant departments in accordance with their functions. For example, in the “Implementation Opinions”, it is proposed to “combine the new situation and new situation of overseas investment in private enterprises, simplify the review procedures, and further promote the convenience of overseas investment”. As the competent department responsible for approving major projects for overseas investment, the National Development and Reform Commission, with the approval of the State Council, decentralized the approval authority for non-resource development overseas investment projects with a Chinese investment of less than US$300 million and non-resource development projects of less than US$100 million in February last year. To the provincial development and reform department, the above-mentioned overseas investment projects implemented by the central enterprises are independently decided by the enterprises and reported to the National Development and Reform Commission for filing. This is the largest decentralization of overseas investment projects since the reform and opening up, and further strengthened the status of corporate investment. According to reports, the relevant departments have also or will implement detailed implementation of the main policies proposed in the "Implementation Opinions" through the issuance of special documents, and constantly improve the credit, foreign exchange, insurance, fiscal and taxation, personnel entry and exit of private enterprises. Policy measures to accelerate the improvement of the corresponding policy promotion system, service guarantee system, and risk control system. Simplify the examination and approval, improve the policy, and support the overseas investment management for a period of time. The relevant person in charge of the National Development and Reform Commission said that according to the spirit of the State Council's reform of the investment system and the reform of the administrative management system, it is necessary to strengthen macro guidance, strengthen policy support, and simplify approval. Procedures, sound service guarantees, and continuous reform and improvement. On the one hand, we must do more macroeconomic regulation and control through overseas economic and legal means such as strategic planning, industrial policies, taxation policies, and foreign exchange management. On the other hand, in accordance with the principles of simplification of procedures, transparency of decision-making, and efficient management, the current management procedures should be continuously improved to promote the convenience of overseas investment. According to the situation of enterprise reflection and investigation, the National Development and Reform Commission has put forward measures to further simplify the management procedures in terms of reducing the reporting period of overseas investment projects above the designated limit and simplifying the registration procedures for large-scale overseas investment projects of local enterprises. "Opinions" also made it clear guide to do well to invest in overseas investment, improve the investment industry and country-oriented foreign policy. According to reports, the policy support for overseas investment projects encouraged by the state is mainly reflected in three aspects: first, in macroeconomic regulation, formulation of domestic industry planning and industrial policies, domestic industrial restructuring and structural adjustment, and establishment of domestic supporting projects. giving priority to respect, approval or filing and foreign invested enterprises to give priority support when approved overseas investment projects. Second, to further give full play to the role of specific policies in the current fiscal and financial aspects, actively implement good business abroad pay income tax credit policy to encourage domestic financial institutions to provide credit support in various ways for overseas investment in private enterprises. The third is to provide convenience and assistance in information exchange, consular protection, personnel entry and exit, etc., and to promote and support it under the dual multilateral cooperation mechanism between the government and government departments.

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