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China to set up 50 overseas economic co-op zones
www.chinanews.cn 2006-06-21 17:36:19
Chinanews, Beijing, June 21 - Chai Haitao, director of the Chinese
Academy of International Trade and Economic Cooperation under the
Ministry of Commerce (MOFCOM), said in Beijing last week that China will
set up 50 overseas economic and trade cooperation zones to deal with
ever-expanding trade frictions and implement the policy of foreign trade
transformation.
Early this year, officials from MOFCOM revealed that China will strive to
establish approximately ten foreign economic and trade cooperation zones
this year, each zone capable of obtaining up to 2 billion RMB (US$250
million) of loans.
Manchuria Haifeng Electric Appliance Co., Ltd has signed an agreement to
set up an economic cooperation zone in Russia's Zabaikalsk. The project
has begun in April. In addition, another cooperation zone in Mongolia has
also started construction.
The economic cooperation zone in Zabaikalsk is representative of the type
of overseas economic and trade cooperation zones that MOFCOM wishes to
promote presently. As one of the twelve tasks that MOFCOM plans to
undertake this year, the construction of overseas economic and trade
cooperation zones seems to be accelerating its pace.
Those overseas economic and trade cooperation zones are established in
Afro-Asian countries that have good relations with China and have stable
political situations, like North Korea, Russia, Kazakhstan and Nigeria.
The specific industries are mainly in traditional spheres such as energy
resources, agriculture, light industry, smelting and electronics.
Zhao Chuang, deputy director general of the Department of Foreign
Economic Cooperation under MOFCOM, once said, "China will offer 200 to
300 million RMB of financial support to every confirmed economic and
trade cooperation zone and mid- and long-term RMB loans can reach up to 2
billion."
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