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Chinese authorities plan to ease visa requirements to attract foreign workers.
VisaGuide.World reports that the move is part of a broader liberalization plan after foreign investment hit a record low in 2023.
As reported by Nikkei Asian Newspaper, in a press conference last week, the Chinese government laid out plans ranging from removing barriers to entry for foreign investment in the manufacturing and financial sectors to granting long-term work visas to foreigners and their families. did.
In recent years, the global economic situation has become more complex, and the volatility of cross-border investments has increased.
Meanwhile, immigration official Jia Tongbin said foreigners working in “well-known” companies or scientific research can apply for a five-year visa after staying in China for two years under the new rules, instead of renewing it every year. He said he could.
He also said that permanent residence would be considered for eligible individuals without specifying any conditions.
Additionally, business travelers with a legitimate purpose to visit China can now apply for a five-year visa instead of a multiple-entry visa.
According to the State Administration of Foreign Exchange, foreign direct investment (FDI) into China reached $33 billion on a net basis last year, a decline of nearly 80% since 2022.
In the future, authorities plan to carry out promotional campaigns under the “Invest in China” initiative in the United States, Europe, Japan, and the Middle East.
China has reportedly stepped up communication with its US and European counterparts since last year to enhance financial stability.
Zhou Yu, an official at the People’s Bank of China, said the China-US Financial Working Group held three meetings, including a meeting with EU member states on Tuesday.
These meetings strengthened communication between departments involved in macroeconomics, monetary policy, and financial stability, and provided a deeper understanding of each other’s policies.
But foreign executives pointed out that while the government has promised further liberalization, it is also tightening national security laws. According to them, these increase the risks of doing business.
Meanwhile, as further reported by Nikkei Asia, a recent report by the European Chamber of Commerce in China noted that the risks faced by member companies have increased significantly in recent years.
China expands visa-free entry to 6 more EU countries
In early March, China extended 15-day visa-free entry to six EU member states, including Switzerland, Ireland, Hungary, Austria, Belgium and Luxembourg.
Under this policy, nationals of the above countries can enjoy visa-free entry to China for various purposes, including business, tourism, visiting relatives and friends, and transit, valid from March 14 to November 30, 2024. be able to.
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