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FTZ to make Shanghai better place for foreign investment
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SHANGHAI will become a better destination for foreign investment with its pilot free trade zone program, a senior city official said this morning.
"Shanghai is always dedicated to creating an open, fair, convenient and competitive climate for foreign investment," said Xu Yibo, deputy secretary general of the city's government. "The free trade zone will offer a historical opportunity for foreign investors. ... We hope they will take the opportunity to invest more, and we hope more of them will choose Shanghai as their regional headquarters."
Xu made the speech at the 23rd certification ceremony of multinational companies' regional headquarters in Shanghai.
At the ceremony, 38 multinational companies were granted the right to set up their regional headquarters in the city, raising the total number of such firms to 432.
Units of Fortune Global 500 companies, including BP (China) Holdings Ltd, Shanghai Hewlett-Packard Co Ltd, MSD (China) Holding Co Ltd and AstraZeneca Pharmaceutical Co, were among the newly established.
Lars Danielson, senior vice president of Volvo Car China, said his company is waiting to benefit from the trial free trade zone program.
"We import vehicles to China, and we expect to see lower tariffs and faster delivery after the free trade zone is put into operation," Danielson told Shanghai Daily.
Shanghai's free trade zone will officially open on September 29 to allow financial product reforms involving free yuan convertibility under the capital account, liberal interest rates and foreign exchange.
The pilot project, which was approved last month, is a national strategy. The details of the trial are to be announced soon by the central government.
Commerce Ministry Spokesman Shen Danyang said yesterday that "Shanghai's pilot free trade zone is the only one in the country that has obtained the go-ahead so far, and the preparatory works are well underway."
In the first eight months of the year, Shanghai attracted US$11.7 billion in foreign direct investment, up 10 percent from a year earlier, the Shanghai Commission of Commerce announced yesterday. The pace was faster than the national average of 6.37 percent.
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