To enhance and standardize the management of special fund established by the government of Guangzhou to support foreign trade and improve the utilization efficiency of financial funds, the Measures of Guangzhou for Management of Special Fund for Development of Foreign Trade (hereinafter referred to as the Measures) was released on the official website of Guangzhou Municipal Commission of Commerce on July 14. It gives an introduction to the responsibilities of related departments and clearly specifies that the special fund for development of foreign trade should be used to attract investment of large multinationals, development new types of business in the field of foreign trade and encourage enterprises to go global.

 

In accordance with the Measures, the special fund for development of foreign trade should be mainly used to support enterprises to deal with import and export trade and expand international market, support Guangzhou to organize international exhibitions of proprietary brands home and abroad, and encourage enterprises to explore emerging market to develop new business types for foreign trade. In addition, it should be used to support the transformation and upgrading of enterprises engaged in processing trade. Specifically, it should be used to encourage these enterprises to accelerate transformation and upgrading through renewal and renovation of technology and equipment, enhanced investment in research and development, creation of proprietary brands, expansion of domestic marketing and seeking for consulting service of professional organizations. It should be also used to attract the investment of large multinationals and introduce foreign-funded projects and research and development organizations that meet the requirements of Guangzhou for industrial development, and encourage the implementation of the “going global” strategy to promote Guangzhou’s economic entities under different ownership modes to make investment overseas and launch international cooperation in nine fields, including agriculture, forestry and fishery, overseas contracting projects and overseas labor service.

 

It is worth mentioning that, any applicant trying to obtain the special fund by violating related regulations or cheating shall be punished in accordance with the Regulation on Penalties and Sanctions against Illegal Fiscal Acts and other related laws and regulations of China.

 

Source: excerpts from news.163.com, July 15, 2015