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Shenzhen to open up ahead of WTO schedule
2002-05-15
China Daily
Shenzhen, in South China's Guangdong Province, will take the lead in China to carry out China's commitment in the WTO (World Trade Organization) talks on a trial basis about two years ahead of the schedule.
Other cities, including Shanghai, Tianjin and Dalian, are reportedly applying for the priority from the central government.
The 20 sectors the Chinese central government has approved Shenzhen to open up ahead of the WTO schedule include securities, ports, logistics, trading, purchase and medicine, according to Ye Minhui, director with Shenzhen Foreign Trade and Economic Cooperation Commission.
To take the foreign trade for example, wholly owned foreign firms will be allowed to conduct business in Shenzhen's bonded zone by the yea rend, some two years ahead of China's commitment in its other cities and provinces.
However, seven products will not follow the new schedule, said Ye. They include publication, crops and oil products.
Foreign investors will also be banned to control airports and shipping agent firms or launch wholly owned companies in these areas, he added.
In the 20 areas allowed to be opened up, foreign investors should get approval from the central government before launch fully owned companies or control its joint ventures.
According to Ye, some 21 foreign companies have submitted applications to set up purchase centers in Shenzhen. Many of the companies are world's top 500 enterprises, such as Wal-Mart, IBM and Carrfour. He expected more than 10 of these enterprises will get approval this year.
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