Chinese authorities are planning to ease their visa requirements in an effort to draw in foreign workers.
This move is part of a broader plan for liberalization, following a record low in foreign investments in 2023, VisaGuide.World reports.
During a press conference last week, the Chinese government explained its plans, spanning from removing entry barriers for foreign investment in manufacturing and finance to granting long-term work visas for foreigners and their families, as reported by Nikkei Asia newspaper.
In recent years, the global economic situation has become more complex, and the cross-border investment volatility has increased.
Meanwhile, Jia Tongbin, an immigration officer, said that foreigners who work for “well-known” companies or in scientific research could apply for five-year visas after living in China for two years under the new rules instead of renewing it annually.
He also noted that permanent residency would be considered for eligible individuals without specifying any conditions.
In addition, business travelers who have valid purposes for visiting China could now apply for five-year visas, instead of multiple-entry visas.
According to the State Administration of Foreign Exchange, foreign direct investments (FDI) in China reached $33 billion on a net basis last year, marking a decrease of nearly 80 per cent since 2022.
Henceforth, authorities are planning to conduct promotional campaigns under the “Invest in China” initiative in the US, Europe, Japan, and the Middle East.
Reportedly, China has increased communication with counterparts in the US and Europe since last year, in an effort to enhance financial stability.
Zhou Yu, an official from the central bank, revealed that the China-US financial working group has conducted three meetings, while a meeting with EU members was held on Tuesday.
These meetings have strengthened communications between departments involved in macroeconomics, monetary policy and financial stability, so that we can have a better understanding of each other’s policies.
However, foreign executives noted that while the government is promising increased liberalization, on the other hand, it is strengthening national safety laws. According to them, these increase the risks of conducting business.
Meanwhile, a recent report by the European Chamber of Commerce in China noted that the risks faced by member companies have grown a lot in recent years, as further reported by Nikkei Asia.
China Expanded Visa-Free Entry to 6 More EU Countries
At the beginning of March, China expanded 15-day visa-free entry to six additional EU countries, such as Switzerland, Ireland, Hungary, Austria, Belgium, and Luxembourg.
Following this policy, citizens from the above-mentioned countries can enjoy visa-free entry into China for different purposes, including business, tourism, visiting relatives and friends, and transit, valid from March 14 to November 30, 2024.