The initiation of economic reforms package in the 1970s by China led to a remarkable change in the basic structure of its economy. From being one of the laggards on the global economic scene, China has come to occupy a place of high importance among the fastest growing nations in the world. The establishment of free trade zone services in China has played a critical role in making this happen.
Free trade zones (FTZ) as they are know are exclusive regions in a particular city that provides with a lot of incentives and sops for the companies operating there. Among the inducements are a low rate or non-existent tax, commercial benefits, opportunity to export and the best of trade facilities in keeping with the regulations of the World Trade Organization (WTO) and globalization.
As a consequence to the establishment of free trade zones in China, the country has witnessed an unprecedented economic growth. From agriculture, foodstuff and beverages to paper making, printing, packaging, medicines and healthcare, chemicals, real estate to automobiles, transportation, logistics, textiles, light industry, utilities, consulting, banking and financial services all have recorded impressive economic growth in China.
Broadly, free trade zone services in China account for the open, flexible and global trade regime. The encouragement for exports has proved to be a boon with the Chinese economy getting the best of international trade while accounting for scores of job opportunities for the local people. Economically while the country is getting a lot of benefits, politically too China is gaining in importance. An important reason that can be attributed to the growth of China as a leading political, economic and strategic power in the global arena can be seen in the enormous success of Chinese free trade zone services.
One important aspect of the growth of free trade zones in China can be seen in the growing stature of the Chinese companies at the global level. In the field of real estate, Beijing Urban Real & Estate Development, Shanghai ANRUI Real & Estate, Chengxin House Property, Beijing Impression, EJIA House Property have become well known in this part of the world. China Merchants Bank, Bank of China, China People's Bank, Industrial and Commercial Bank of China, China Construction Bank have become the leading financial companies in this region and trying to expand themselves more. Companies like Shanghai Fuquan Automobile Manufacturing, Chongqing Fanno, Mudan Automobile, Xinkai Automobile Group, Suzhou Eagle Electric Vehicle Manufacturing are the major automobile companies in China today.
The customs and tariff rates have been simplified and made rational in many cases, thanks to the success resulted out of the free trade zone services in China. In addition to, major Chinese companies have been encouraged to make investments in foreign countries through direct ventures, joint venture, partnerships as well as to look for opportunities for acquisition of companies in foreign markets. As a result, China has become one of the top trading economies in the world.
To have detailed information on foreign trade zones in China, click on the links mentioned:
Fuzhou FTZ in China
Guanghzhou FTZ in China
Shantou FTZ in China
Shenzhen FTZ in China
Haikou FTZ in China
Zhanjiagang FTZ in China
Dalian FTZ in China
Quindao FTZ in China
Waigaooqiao FTZ in China
Tianjin FTZ in China
Ningbo FTZ in China
Xiangyu FTZ in China
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