(Nikkei BP Group)
(No.1 High-Tech News Site in Japanese)
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| Shanghai Emphasizes Favorable Policies for Local Firms
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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.
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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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