Preferential free trade zone policies to kick-start real economy

The Shenyang Area of China (Liaoning) Pilot Free Trade Zone has announced it will revitalize the real economy by offering preferential policies for the manufacturing and financial services industries.

The zone was founded in April this year, aiming to attract advanced manufacturing and to facilitate the deepening integration of industry and finance.

Within five months, the zone had agreed the first batch of key industries and had implemented policies related to advanced manufacturing, financial services and financial leasing.

By mid-September, the zone had welcomed 9,927 registered enterprises with total registered capital of 86.1 billion yuan ($13.18 billion).

There are 70 industries on the list, including international trade and technological services, said Ni Qingdong, deputy director of the administration of the Shenyang section of China (Liaoning) Pilot Free Trade Zone.

“The first batch of industries will mainly be supported as part of the next stage,” he said.

According to Ni, the zone will select industries that suit Shenyang’s strength and characteristics in advanced manufacturing, such as aircraft engines and components, robotics and new energy vehicles. These are expected to make breakthroughs and drive new industrial growth.

Elsewhere, the zone has set up platforms to combine digitalization with industrialization, promoting structural adjustment, as well as industrial restructuring and upgrading.

To integrate producer services with the manufacturing industry, the zone has gathered financial industries such as insurance, financial leasing and venture capital.

“Expediting financial leasing is conducive to the strategic transformation of Shenyang’s equipment manufacturing sector,” said Xu Yuncheng, an official at the Shenyang services committee.

Xu said the zone has developed 12 financial leasing policies, such as offering subsidiaries for leasing cooperation and training, which can provide financing channels for companies, and create more and better jobs.

Looking forward, the zone will create more supportive policies for the modern logistics and technology services sectors to form a complete industrial policy support system, said Chen Jiabiao, deputy executive secretary of the Shenyang government.

an official at the Shenyang services committee

YANG QING / XINHUA An administrative service center at the Shenyang Area of China (Liaoning) Pilot Free Trade Zone is busy with an inflow of business representatives.

PROVIDED TO CHINA DAILY A worker prepares goods at a warehouse in Shenyang for online orders, to be dispatched to buyers nationwide.