Shanghai Administration for Market Regulation grants its first business license to a foreign-invested enterprise co-funded by a Chinese individual on Jan. 1, 2020. (Photo/China News Service)
(ECNS) -- Shanghai Administration for Market Regulation granted its first business license to a foreign-invested enterprise co-funded by a Chinese individual on Wednesday, as the country's new Foreign Investment Law came into effect.
A man surnamed Xu, investor of a consultancy and management company, co-funded with a U.S. partner, got granted the administration license.
Chinese "naturals" were not included as a Chinese investor category of foreign-funded enterprises before the new Foreign Investment Laws took effect.
The new regulation specifies measures to facilitate and protect foreign investment, creating conditions for private investment and promoting market vitality.
"Shanghai is a metropolis. The new regulation will improve its business environment and boost opening-up," said Chen Xuejun, director of Shanghai Administration for Market Regulation.