6,000 companies apply for Shanghai FTZ

0 Comment(s)Print E-mail Xinhua, November 28, 2013
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About 6,000 companies have applied to register in Shanghai's free trade zone (FTZ) within two months of its launch, the administrative committee of the FTZ said on Thursday.

As of November 22, a total of 1,434 companies have already registered in the FTZ. Of this number, 38 are foreign-funded with an average registered capital of 15 million U.S. dollars, and 1,396 are domestically funded with an average registered capital of 25 million yuan (about 4.07 million U.S.dollars), according to the committee.

"The free trade zone has inspired people's enthusiasm for entrepreneurship," said Dai Haibo, deputy director of the administrative committee.

"The general quality of the registered companies is good, judging from their average registered capital," Dai said.

Regarding the fact that less than 3 percent of the registered companies are foreign funded, Ai Baojun, head of the administrative committee, dismissed the view that it had been a disappointing start.

Ai said foreign companies have shown great interest in the FTZ and he has received many visits from companies, including Goldman Sachs, who are interested in setting up office there.

"It's normal to have fewer foreign companies at the beginning, because they tend to do thorough research before making a final decision," according to the official. Endi

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