October 08, 2019

FTZ honors 10 firms for institutional innovation achievements

The Shanghai Free Trade Zone recently honored a batch of 10 companies for their outstanding achievements in institutional innovations.
Volvo Construction Equipment Investment Co Ltd, one of the companies, made a big innovation in domestic settlement of offshore trading last year. The company sold two excavators to Nigeria without transshipment in China.
In the past six years, the number of newly registered enterprises in the Shanghai FTZ was 1.6 times that of 20 years ago, thanks to the major breakthroughs in institutional innovations.
The number of new foreign-invested enterprises has increased from 5 percent of total enterprises when the zone was established to around 20 percent today.
Last year, the Pudong New Area’s total output value and above-scale industrial output value both exceeded 1 trillion yuan (US$140.3 billion) each.