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Shanghai FTZ offers exciting opportunities
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OVERSEAS Chinese entrepreneurs were encouraged to take advantage of the opportunities presented by Shanghai’s free trade zone yesterday at the World Chinese Entrepreneurs Convention in Chengdu.
Companies inside the FTZ will benefit from tax incentives and policies such as a convertible yuan that will reduce red tape when running a business.
Many overseas Chinese business owners said they are interested in the FTZ.
“It will be a little Hong Kong outside Hong Kong,” said Yiu Ching, a Shanghai native who is chairman of Hong Kong Jefeng Group.
Ren Qiliang, office director of the organizing committee and vice director of the Overseas Chinese Affairs Office, said the FTZ is an opportunity for Chinese entrepreneurs to pursue emerging markets around the world.
For Yiu, it’s the chance he has long awaited. Yiu said Jefeng owns two plots of land in the 28-square-kilometer FTZ.
The FTZ is expected to be officially unveiled by the end of this month.
Value-added tax will be lowered to about 14 percent in the FTZ, compared with 15 percent in Hong Kong, a strong incentive to attract entrepreneurs.
“As an overseas Chinese, I have a different perspective, which makes me see better,” said Yiu.
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