FTZs post rapid rise in sales
By Liang Yiwen |
April 8, 2011, Friday
|
Print Edition
Print Edition
Shanghai's three free trade zones in the Waigaoqiao port, Yangshan Deep-Water Port and Pudong International Airport posted a rapid growth in sales in the first quarter of this year, government officials said yesterday.
The three free trade zones generated aggregate sales of 210 billion yuan (US$32 billion) in the first three months of this year, an annual increase of 27 percent.
Companies in the shipping industry in the zones saw a 24 percent rise in revenue, and logistics service companies posted 23 percent growth.
The volume of imports and exports in the zones hit US$22.6 billion, a 33 percent surge over the same period last year.
The Shanghai government also benefitted from the strong growth in the zones as companies operating there paid more in taxes, according to the zones' first-quarter work report released yesterday.
Firms in the three zones paid 10.15 billion yuan in taxes between January and March, a annual increase of 35.5 percent.
The Yangshan port's free trade zone posted the strongest growth. Imports and exports there surged 94 percent over the same period last year. The free trade zone paid 640 million yuan in taxes, soaring 172 percent from a year earlier.
Meanwhile, Shanghai Free Trade Zones United Development Co was launched yesterday to coordinate the development of the three zones.
"Firms will be able to open offices and enjoy the same incentives in all of the three zones once registered in any of them," said Liu Hong, vice general manager of Shanghai Waigaoqiao (Group) Co.
Separately, Citibank (China) Co announced yesterday that it will invest US$20 million to launch a trading company in the Yangshan Deep-Water Port Free Trade Zone.
The free trade zones also plan to attract nonferrous material manufacturing, trading and investment firms to build a distribution platform.
The three free trade zones generated aggregate sales of 210 billion yuan (US$32 billion) in the first three months of this year, an annual increase of 27 percent.
Companies in the shipping industry in the zones saw a 24 percent rise in revenue, and logistics service companies posted 23 percent growth.
The volume of imports and exports in the zones hit US$22.6 billion, a 33 percent surge over the same period last year.
The Shanghai government also benefitted from the strong growth in the zones as companies operating there paid more in taxes, according to the zones' first-quarter work report released yesterday.
Firms in the three zones paid 10.15 billion yuan in taxes between January and March, a annual increase of 35.5 percent.
The Yangshan port's free trade zone posted the strongest growth. Imports and exports there surged 94 percent over the same period last year. The free trade zone paid 640 million yuan in taxes, soaring 172 percent from a year earlier.
Meanwhile, Shanghai Free Trade Zones United Development Co was launched yesterday to coordinate the development of the three zones.
"Firms will be able to open offices and enjoy the same incentives in all of the three zones once registered in any of them," said Liu Hong, vice general manager of Shanghai Waigaoqiao (Group) Co.
Separately, Citibank (China) Co announced yesterday that it will invest US$20 million to launch a trading company in the Yangshan Deep-Water Port Free Trade Zone.
The free trade zones also plan to attract nonferrous material manufacturing, trading and investment firms to build a distribution platform.
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