Based on the current laws of the state, Firms set up with foreign investment have to be granted, approved, and registered by the government. The amount of investment and “Directions for Industries Accepting Foreign Investment” are guidelines the central government and the local governments to grant and approve foreign investment.
Encouraged foreign-funded projects and permitted foreign funded projects with $100,000,000 investment and Restricted foreign funded projects with $50,000,000 investment have to be granted by National Development and Reform Commission and be approved by the state Commerce Department. Besides, encouraged projects and permitted projects with $500,000,000 investment and restricted projects with a total investment of over $100,000,000 have to be reported to the State Council after being granted by National Development and Reform Commission and be approved by the state Commerce Department.
The departments of Jilin Provincial People’s Government are responsible for granting encouraged and permitted projects with less than $100,000,000 investment, restricted projects with an investment of less than 50 million dollars, and registered in the authoritative department of the State Council. Foreign investment projects that need quota and certificate have to get the quota and the certificate first.
Meanwhile, in order to fulfill the commitments for entering WTO, according to the relevant laws for foreign investment and its regulations, over 40 laws and bills have been passed concerning finance, commerce, transport, and motion picture and TV productions. The approval of foreign investment projects in foreign trade have to be carried out strictly according to the relevant laws.