Nearly 1,000 companies set up in Fujian FTZ in first five months
The number of enterprises in the Fujian Pilot Free Trade Zone (FTZ) reached 9,296 over the first five months this year, Fuzhou Daily reports.
This means that about 61 new companies sprung up every day during the period, according to the Fujian FTZ office.
The companies, with accrued registered capital of 126 billion yuan, operate businesses ranging from e-commerce to finance leasing, factoring, outsourcing, and high technology.
Fujian FTZ was officially inaugurated on April 21. It covers 118 sq km in Pingtan (43 sq km), Xiamen (43.78 sq km), and Fuzhou (31.26 sq km), concentrating on greater cross-Straits cooperation with Taiwan.
The government approval for overseas companies in these zones has been changed so that companies only need to file a report to the authorities. This adjustment will last for three years, after which officials will decide on whether the policy should continue.
This move has met market expectations that restrictions on foreign capital will be gradually scrapped and marks the latest effort by the central government to push its reform drive and stimulate the economy.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.