This year's foreign investment and foreign trade economy nationwide have been seriously affected by the COVID-19 pandemic. Under this situation, Zhejiang has been actively protecting the legitimate rights and interests of foreign investors and helps to stabilize foreign capital. 

(Photo via Zhejiang News)

In the first half of this year, 1,133 foreign-invested enterprises were established in Zhejiang, and the actual utilization of foreign capital was US$ 7.50 billion, up 7.9% year-on-year, ranking first in major coastal provinces and cities in terms of growth rate.

Since enterprises resumed production, the Zhejiang Provincial Tax Service of State Taxation Administration has deeply looked into the problems faced by existing foreign-invested enterprises, intensified the implementation of export tax rebate policy, and further reduced the processing time of paperless tax rebate.

For example, since the beginning of this year, Owens Corning Company has applied for export tax rebate five times and has accumulated an export tax rebate of more than 5.4 million yuan. Timely export tax rebates and a high-quality business environment have strengthened the determination of enterprises to make additional investments.

The taxation department of Zhejiang has also established a service mechanism of "one enterprise, one policy" for key foreign-funded enterprises, opening a "fast lane" for foreign investment. Under the full guarantee of tax service, the project investment funds will be in place timely, which further enhances the confidence of foreign enterprises in investing and producing in China.

(Compiled by Xu Yuhong, translated by Tao Mingzhou)