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(Nikkei BP Group)

(No.1 High-Tech News Site in Japanese)

  • Shanghai Emphasizes Favorable Policies for Local Firms
  • October 23, 1998 (SHANGHAI, China) -- Shanghai, China's leading industrial and commercial city, has adopted a series of favorable policies to enable the local private sector to compete with state-owned companies on an equal basis.
    Shanghai's new policies remove all market restrictions on private enterprises and permit them to enter any business area available to the public sector.

    The policies encourage private enterprises from other parts of China to invest in Shanghai. Also, they encourage local enterprises to cooperate with overseas businesses, according to Gan Zhongze, director of the Shanghai Industrial and Commercial Bureau.

    The municipality is home to more than 170,000 self-employed individuals and 91,700 private enterprises that employ over a million people. The private sector paid taxes totaling RMB2.9 billion (US$345 million) in 1997, according to government figures.

    (Xinhua News Agency)

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    Updated: Thu Oct 22 18:36:46 1998 PDT