Global program in Shanghai FTZ upscales enterprises
An initiative that helps enterprises upscale their businesses in the China (Shanghai) Pilot Free Trade Zone has borne early fruit since its inception seven months ago.
The first batch of 41 companies joining the Global Operation Program has enjoyed expanded functions and better connectivity with global resources, thus elevating the position of these China-based entities within their own global apparatus, according to local authorities and business executives.
"Global operator" targets high-level business headquarters that span at least two continents and are engaged in one or more of the following functions: Trade, investment, distribution or R&D.
To beef up companies' ambitions, the FTZ's administration bureau has set up a bespoke butler service to ensure all-day support, said Li Xiaohong, director of the Economic Development Bureau at the Shanghai Free Trade Zone Authority.
Under Memoranda of Understanding, the zone also has devised a 'one enterprise, one policy 'plan to offer customized growth support strategies, covering but not confined to investment and trade, capital settlement, and employment and information, Li noted.
German copper specialist Wieland Group, which serves a wide range of industries, including automobiles and electronics, has benefited from the latest greenlight of the air waybill as an endorsement to conduct offshore trading, according to Annie Gao, managing director of Wieland Metals Shanghai.
"This allows us, as a third party, to make cross-border settlements with overseas clients, while the transportation of goods can be achieved between our headquarters and the clients directly," Gao said, projecting that added business could lead to a 20 to 30 percent revenue surge for its Shanghai facility.
"Heartened by the hordes of favorable policies to further improve the business environment in the Pudong New Area, we hope to see our revenue here double by 2025," she said.
With more enterprises set to come onboard, the Global Operation Program is looking to build an advisory think tank and refine its systems on problem-solving, among other endeavors to better serve companies, Li said.