Zhejiang takes action to build first-class business environment

In recent years, Zhejiang, one of the most developed provinces in China, has striven to create a first-class business environment with the least amount of approvals, highest work efficiency and freest investment environment in order to become the most favorable place for foreign companies.

In 2017, Zhejiang's development environment index reached 66.3, a growth of 7.3 percent year-on-year. The entrepreneur confidence index has maintained momentum for four consecutive quarters, reaching 127.2.

Foreign investment in Zhejiang has gradually shifted from traditional manufacturing to modern services and high-tech manufacturing. Since 2013, the amount of foreign investment introduced to the service industry in Zhejiang has grown at an annual rate of 12.6 percent, the proportion of total investment increasing from 55.6 percent to 65.2 percent.

Zhejiang has been actively encouraging the introduction of projects by World Fortune 500 enterprises and has granted a series of preferential policies to support them. According to Zhejiang Provincial Department of Commerce, foreign-funded projects in leading and demonstration industries will be awarded 40% to 60% of the land-use plan indicator.

Unwaveringly sticking to the idea of high-quality development, Zhejiang is planning to implement the Four Major Constructions project, comprising Zhejiang Great Bay District, Grand Garden, Grand Passage and Metropolitan Area. The initiative will bring significant investment opportunities to foreign businesses.

Many foreign-funded companies expressed their excitement at the opportunity to deepen cooperation with Zhejiang by increasing investment or expanding the production scale of their projects at the Foreign Investment Enterprise Roundtable held in Hangzhou, the capital city of Zhejiang, on Sept 29, 2018.

Zhu Congjiu, deputy governor of the People's Government of Zhejiang Province, pointed out that when facing such the current complicated global economic situation, Zhejiang will never cease its efforts to further open up to the world, and expand business fields to accept foreign capital. The national strategy of constructing One Belt and One Road and a free trade zone is being steadily advanced in Zhejiang. The province is in its heyday of industrial development with business opportunities opening to all enterprises.

Zhu also explained the measures that will be taken to build a world-class business environment. First, the province will carry out one-stop service reform to improve the level of government services and promote a digitalized government. Second, it will speed up the improvement of the institutional mechanism for foreign investment management, and fully implement the pre-establishment of a national treatment plus negative list management system. Third, it will strengthen intellectual property protection. Zhejiang will guarantee the legitimate rights and interests of foreign investors.