Tianjin Pilot Free Trade Zone attracting international enterprises rapidly by Muhammad Zamir Asadi

Tianjin Pilot Free Trade Zone attracting international enterprises rapidly

Tianjin, August 17: The number of domestic and international enterprises has touched to twenty thousand in Central Business District (CBD) located in Tianjin pilot free Trade zone (FTZ), learned media delegation from South Asian and South East Asian countries.
The journalists paid a visit to the pilot free trade zone covering 119.9 KM square, consists of three areas including Tianjin sea port, Tianjin airport and Binhai new area CBD.
It was told by the representative of pilot free trade zone that Tianjin has strengthened innovation in the regulations, mechanism, system of investment, trade, financial services and supervision so as to better serve real economy.
By the end of 2016, 90 reform tasks have been carried out and 9 innovations on systems were rolled out across the country.
It was also told that, to adopt the new normal in economic development and effectively cope with the complex development situations various risks and challenges, Tianjin firmly grasped the opportunities brought by the five national strategies including the collaborative development of Beijing-Tianjin-Hebei region, construction of the pilot free trade zone, construction of the independent innovation demonstration area, the “Belt and Road “ construction and the development and opening up of Binhai new area.
A 10 billion CNY fund which was designed to help guide the adjustment of industrial structure in the Beijing-Tianjin-Hebei region was launched in Tianjin on August 30, 2016 which will make use of Tianjin FTZs advantage of financial innovation, optimize the allocation of financial resources and promote the transformation upgrading and transfer of industries.
It was also told that this fund will also help the FTZ to form financial industry agglomeration advantage and facilitate the development of the Beijing-Tianjin-Hebei region or even the Bohai-Rim circle.
With favorable policies for pilot development, Tianjin has promoted the financial reform and innovation in the pilot FTZ stimulated the innovation of financial mechanism, system and regulations, develop new- type finance actively and tradition finance innovatively.
Director of administrative permission service center of CBD Xu Fei told to the media delegations that their center deals with the certification and registration of international companies and the whole process is completed in only two days.
She told that this center was build up in April 2015 while 15 thousand companies have been given approval for starting their businesses.
All of the companies who got their registration were operational which includes 15 percent international and 85 percent domestic enterprises.
She also said that before the establishment of FTZ only 58 foreign companies were working here but now this number have reached to 600 which shows the rapid development of international enterprises.
She also told that 5 thousand companies were registered in this FTZ in 2015 while 6 thousand got registered in 2016.