On June 4th, the launching ceremony of “Silk Road Escort” for overseas investment in Zhejiang Province and Taizhou Summit for overseas mergers and acquisitions were held in Taizhou. Li Yueqi, secretary of Taizhou Municipal Party Committee, and Han Jie, deputy secretary and deputy director of Party Group of Provincial Department of Commerce, attended the summit and delivered speeches.
This “Silk Road Escort” action is an important carrier of the “three services” work of Zhejiang Provincial Department of Commerce in 2020, and it is the continuation and upgrade of the round table meeting of overseas investment service alliance in Zhejiang Province. This activity kicked off the alliance service. In the next step, we will tour all cities in the province to help enterprises solve difficulties and pain points such as policy, law, taxation and financing.
Taizhou is the pioneer area of China’s private economy, and its overseas mergers and acquisitions have been in the forefront of the province, and some positive results have been achieved. For example, Jack broke through the technical ceiling through the acquisition of Italian Weibima shares, and Huahai Pharmaceutical acquired international channels and platforms through the acquisition of American Wilson Tsui Pharmaceuticals. By the end of 2019, Taizhou had accumulated 46 overseas mergers and acquisitions, with an actual Chinese investment of 27..1.7 billion dollars.
Li Yueqi pointed out that “going out” is an inevitable trend of the development of an open economy to a certain stage, although the Sino-US economic and trade frictions since 2018 and the COVID-19 epidemic at the beginning of this year have had a direct and huge impact on global cross-border investment. However, Taizhou will always adhere to the principle of “jumping out of Taizhou to develop Taizhou”, accelerate to the international stage, participate in the pace of international competition, and achieve high-quality development through mergers and acquisitions; Accelerate the creation of a high-level foreign investment source in the province; Accelerate the cultivation of a number of local multinational companies with global influence, and guide the development of small and medium-sized enterprises overseas.
Han Jie pointed out that overseas investment, which had been slowed down earlier due to the spread of the COVID-19 epidemic, was gradually recovering as enterprises resumed their work. From January to April this year, there were 171 overseas enterprises and institutions registered and approved in the province, and the amount of overseas direct investment registered was 201..4.8 billion yuan. By the end of April, the total number had exceeded 10,000, and the cumulative amount of Chinese investment for the record had exceeded 600 billion yuan. At the same time, Han Jie fully affirmed the achievements of Zhejiang Overseas Investment Enterprise Service Alliance in the past four years. He said that this year is a very special year affected by the epidemic. Business departments and enterprises should make good use of the alliance resources, innovate service methods, and combine the actual situation of enterprises in Zhejiang Province to resolve unfavorable factors from five aspects and steadily push forward the pace of “going out”: First, make precise policies and deepen the “three services” activities. It is necessary to take the “three services” as the carrier, strengthen the three-level linkage among provinces, cities and counties, improve the collaborative service mechanism, do a good job in policy propaganda and implementation, and let the policies and measures at all levels benefit enterprises directly. Give full play to the platform of business associations, integrate first-class service resources, and provide enterprises with full chain services such as law, taxation and finance; The second is to seek opportunities in times of crisis and build a new development pattern of internal and external double circulation. To make active use of “two markets and two resources”, we should speed up the construction of overseas marketing network, seize the international market, promote the excellent import and export of foreign trade, encourage enterprises to obtain advanced resource elements through high-quality cross-border mergers and acquisitions, and comprehensively enhance their international competitiveness; The third is to strengthen the main body and build a number of local private multinational companies. It is necessary to give full play to industrial advantages, tap new potentials, cultivate new advantages and develop new kinetic energy, and strive to build a number of local private multinational companies with international competitiveness and voice; Fourth, internal and external linkage, and strive to maintain the stability of the industrial chain. It is necessary to combine “going out” with “bringing in” and promote the work of building, strengthening, supplementing and extending chains through overseas mergers and acquisitions; The fifth is to operate in compliance and establish a good image of China enterprises. Do a good job in compliance management, avoid legal risks and be a responsible big country enterprise.
At the meeting, the action of “Silk Road Escort” for overseas investment in Zhejiang Province was officially launched. Taizhou Municipal Bureau of Commerce signed a strategic cooperation framework agreement with four major international accounting firms such as PricewaterhouseCoopers and KPMG, and Taizhou will strengthen cooperation with professional institutions to provide more professional and convenient services for enterprises. Experts from accounting firms, Hangzhou Customs, Hangzhou Central Sub-branch of the People’s Bank of China, financial institutions and enterprises in Zhejiang shared the opportunities, challenges and trends of transnational mergers and acquisitions from the perspectives of law, taxation, financing and enterprise practice around the current economic situation affected by the epidemic.
The summit was hosted by the Taizhou Municipal People’s Government and the Provincial Department of Commerce, and jointly organized by the Taizhou Municipal Bureau of Commerce and the Association of Overseas Investment Enterprises. About 90 people from relevant departments in Taizhou, financial institutions in Zhejiang such as Export-Import Bank, CITIC Insurance, Industrial and Commercial Bank of China, Minsheng Bank, and accounting firms such as PricewaterhouseCoopers attended the summit.
(Contributed by Foreign Investment and Economic Cooperation Office)
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