Free trade zone doubles city's business

More than 7.3 billion yuan in registered capital attracted to northeastern area through new policies and more efficient administrative services

Shenyang's economic development has been boosted since the establishment of the Shenyang Area of China (Liaoning) Pilot Free Trade Zone on April 10, said local officials in the capital of Northeast China's Liaoning province.

The Shenyang area's comprehensive service hall has been busy for days as it received many applications for company registration.

Representatives from the area said that the region where the Shenyang area is seated saw registration of the first company in April 1986. It had been home to 674 enterprises before the foundation of the Shenyang area.

In the 13 workdays since its foundation, 730 companies had registered in the area - more than the total number of companies established in the region in the past 31 years.

The registered capital of the 730 companies totaled about 7.31 billion yuan ($1.06 billion), with an average of 10 million yuan. Nine of them are foreign-funded businesses with total registered capital of $84.92 million.

By 5 pm on April 18, the area's comprehensive service hall had provided 5,914 consultations and handled 672 items subject to examination and approval. The number of companies registered in the area amounted to 394, with registered capital of 3.57 billion yuan, covering fields such as equipment manufacturing, financial services, modern logistics, scientific and technological research and development, cross-border e-commerce, software development and tourism services.

Among the companies, 389 are domestic enterprises with registered capital of 3.34 billion yuan, and five are foreign-funded companies with registered capital of more than $33.45 million.

The administration committee of the Shenyang area said it will work to provide companies with convenient and efficient services and formulate policies to support businesses.

According to the committee, among the companies registered in the area after its foundation, about 90 percent are in tertiary industries and about 10 percent are from secondary industries. Foreign trade companies account for about 60 percent of the total, scientific and technological businesses 17 percent and financial services about 1 percent.

Local officials said establishment of many foreign trade companies in the area will certainly promote the economic development in Shenyang and its surrounding regions. Many R&D organizations operate in the Shenyang area and will play an active role in improving equipment manufacturing and helping the city to become a scientific and technological innovation center in Northeast China, they said.

The Shenyang area plans to release incentive policies soon and set up targeted funds for advancing specific industries. It will guide the investment orientations and encourage development of sectors such as international trade, advanced manufacturing, financial services, modern logistics, commercial services and scientific and technological services.

A representative from the Shenyang human resources and social security bureau said that the excellent business environment of the Shenyang area will definitely attract more Chinese and foreign enterprises.

Job opportunities in Shenyang will also increase, especially those involving international cooperation and R&D, the representative from the bureau said.

zhuanti@chinadaily.com.cn

(China Daily European Weekly 05/19/2017 page16)