Shenyang FTZ sees business registrations boom

A view of the Shenyang Area of China (Liaoning) Free Trade Zone. [Photo/Chinanews.com]

Shenyang Area of Liaoning Free Trade Zone (FTZ) saw the establishment of its 10,000th business on Sept 20, marking a new milestone for the FTZ since its establishment on April 10.

As of Sept 20, Shenyang FTZ has received 72,977 inquiries, and handled 67,103 administrative examination and approval applications. It also attracted the investment of 10,000 businesses, including 75 foreign companies; and investment capital reached $500 million.

"My company can enjoy preferential policies in Shenyang FTZ to rejuvenate the economy in Northeast China," said Xu Lei, manager of Shenyang Hongxing Medicine E-commerce Co –– the 10,000th business to establish operations in the zone.

Xu also claimed that making use of the advantages of Shenyang FTZ to access foreign markets is of great importance to his company.

Shenyang enacted a total of 105 trade facilitation policies in March. The new policies cater to the construction needs of Shenyang FTZ.

According to the list of new policies, 19 policies out of 105 will be enacted in the whole of Shenyang city, including providing one-stop administrative examination and approval services, simplifying business registration procedures, as well as much more relaxed land usage policies.

The other 86 policies will only be adopted in the Shenyang part of Liaoning Free Trade Zone. With a focus on foreign trade businesses, the 86 policies mainly ease investment restrictions, improving customs clearance efficiency, and creating better cross-border financing conditions. It is expected that an online comprehensive service platform will soon commence operations in Shenyang.

Based on Shenyang's plan, the 105 policies will be implemented in stages. By the end of July 2017, Shenyang will focus on policies that involve transforming government functions and pushing forward the transformation and upgrading of trade models. By the end of December 2017, Shenyang will attach more importance to the opening-up of its finance sector.

Shenyang, as the transportation, trade, cultural and political hub of northeastern China, has also set an industrial development goal of "One Base, Three Centers" –– an advanced equipment manufacturing base, innovation center, financial center and trade logistics center.

Shenyang will further focus on business reform and push forward its opening-up in multiple fields to reach the city's industrial development goals.