NINGBO, China, July 28, 2017 /PRNewswire/ -- Zhejiang provincial government recently released Opinions on implementation of wider market liberalization policies that enhance the utilization of foreign capital. Officials from its Department of Commerce gave a detailed interpretation of the document at the 19th Zhejiang Fair for Investment and Trade held in Ningbo. As per the document, Zhejiang is fully implementing the central government's directives to relax restrictions on foreign investment access in the service and manufacturing sectors, in a move to encourage investment in eight major trillion-yuan industries and modern service sectors. The document specifies that the use of capital focus on innovation, quality and brand creation with an end goal of leading the identified industries into the upper echelons of the global value chain, as well as accelerate the construction of a legal international business environment.
During the first six months, Zhejiang approved 1,409 foreign-funded ventures with total investment of US$23.8 billion. Contractual foreign investment reached US$15.7 billion, up 31.9% year-on-year, while actual capital put into play totaled US$10 billion, up 8.1%. Eleven of the world's top 500 firms were among the applicants for approval. Notably, an ever-growing percentage of the firms choosing to invest in the province are from developed countries, and investments in the service and high-tech sectors have increased significantly.
Located along the eastern coast, Zhejiang is one of China's economic powerhouses and has always been at the forefront during the country's opening-up process. It ranks third in China in terms of exports, while cargo throughput at Ningbo-Zhoushan Port has ranked first among all ports worldwide for eight consecutive years. The G20 chose the province's capital as the venue for its 2016 meeting, while the China (Zhejiang) Pilot Free Trade Zone was officially launched in April, 2017. In addition, Alibaba, the e-commerce giant that put Hangzhou, the provincial capital, on the map, was ranked among the world's top 500 firms for the first time. Many Zhejiang firms have established meaningful footprints around the world.
Zhejiang province will lead a new round of opening-up to foreign investment under China's One Belt, One Road initiative, by seizing development opportunities and giving full play to the province's advantages. Zhejiang will assure a positive and supportive environment for all firms who choose to invest here.
