October 10, 2017

FTZ promotes model enterprises of innovation

China (Shanghai) Pilot Free Trade Zone announced the first batch of 10 model enterprises of institutional innovation recently in celebration of the 19th National Congress of the Communist Party of China and the fourth anniversary of the FTZ.

Shanghai FTZ administration started the model enterprises selection process in March. Since then, the FTZ has also reviewed its achievements in the past four years and promoted model management mechanism among companies in the FTZ.

The six-month selection process involved on-spot inspections, voting by experts as well online voting.

The winning model enterprises include Artemed (Shanghai) Hospital, Shanghai Shine-Link International Logistics Co, L’OREAL, Sony (China) Limited and General Motor (China) Company.

Hang Yingwei, director of the Pudong New Area, where the FTZ is located, has revealed that there are now 48,000 enterprises registered in the zone. The average monthly enterprise registration number is five times that before the FTZ’s official launch in 2013. Foreign companies now account for 20 percent of all the companies in the FTZ with a total foreign capital of US$16.7 billion.

The FTZ model enterprises selected this time include state-owned enterprises, foreign companies as well as domestic private companies.

To select model enterprises is part of the FTZ’s endeavor in promoting innovations and reforms in investment management, trade facilitation, financial innovations, and streamlining government functions.

The FTZ will create a more competitive business environment and provide better services for companies there in the future, Hang added.