Shenyang offers preferential economic policies to promote opening-up

Shenyang government announced May 30 that it would offer more preferential policies in tax, innovation and finance to expand the city’s opening-up.

Similar previous efforts have seen positive results. Between January and April this year, foreign investment in the capital of Liaoning province, saw a year-on-year increase of 29.4 percent.

Through the Belt and Road Initiative (BRI), Shenyang will deepen cooperation with Northeast Asian and European cities in the development of technological innovation, intelligent advanced equipment manufacturing and public services in an effort to create a truly international city.

The government will offer fiscal support to enterprises whose annual export volume reaches 1 billion yuan ($156.13) in the form of a 33.33 yuan subsidy for every 10,000 yuan in export volume. Further government funding will be available for Fortune Global 500 projects and major achievements in introduced technologies.

A functional government, a high-level pilot free trade zone and a fair business environment, all key elements of opening-up, have also been taken into consideration in the drafting of policies.