Shenyang, capital of Northeast China's Liaoning province, is stepping up its efforts to open wider to the outside world as it seeks high-quality development. [Photo by Sun Fuxing for CHINA DAILY]
In late November, a physical store for global luxury goods was opened in the Shenyang subsection of the China (Liaoning) Pilot Free Trade Zone. The store includes more than 3,000 well-known brands from more than 20 countries and regions worldwide, and enables Shenyang people to buy genuine imported goods locally.
Data show that so far this year, the number of cross-border e-commerce transactions in the Shenyang subsection of the China (Liaoning) Pilot Free Trade Zone reached 14.14 million.
This is eight times that of the whole of 2020, and ranks first in Liaoning. There are around 400 cross-border e-commerce and third-party service enterprises in the subsection, accounting for 95 percent of the city's total.
The establishment of a free trade zone is Shenyang's response to economic globalization. It is beneficial for Northeast China to attract international capital, skilled professionals and all kinds of economic resources and industries. This will strengthen its international competitiveness and speed up the pace of its revitalization and development, according to the local government.
Founded in 2017, the Shenyang subsection of the China (Liaoning) Pilot Free Trade Zone has attracted more than 20,000 entrepreneurs from 47 countries. So far, the number of foreign-funded enterprises has reached 428 in the Shenyang subsection.
Over the past four years, the Shenyang subsection has introduced 55 innovations in working mechanisms across Liaoning, helping boost its industrial adjustment and opening-up.
So far, the number of high-tech enterprises in the subsection has increased by 22.7 times, from 13 when it was founded to 308 now.
From January to October, the Shenyang subsection recorded a tax revenue of 944 million yuan ($148.28 million), up 24.6 percent year-on-year; and a total import and export volume of 8.65 billion yuan, up 129.5 percent from the same period in 2020. The subsection had foreign investment in actual use of $22.9 million in that period, up 1.8 times year-on-year.
