Foreign Investments in Central Zhejiang
Despite the general decline of the actual use of foreign investments in China due to the impact of the coronavirus pandemic, Zhejiang Province is witnessing an increase in foreign investments: from January to March, 539 foreign-invested companies were newly established in Zhejiang, accounting for 12.5% of the foreign-invested companies in China and making Zhejiang rank in the top three provinces nationwide for the first time.
A director from the Foreign Investment Division of the Zhejiang Provincial Department of Commerce remarked that in the first quarter, the actual use of foreign investment has increased in seven cities, including Jiaxing, Wenzhou, and Quzhou, and in Zhoushan, Taizhou, and Jinhua this figure has increased by more than 100%.
The introduction of foreign investments would be unsuccessful without optimizing the business environment, however. On February 6, Zhejiang Shida Leather Clothing Co., Ltd., where Ms. Tong worked, needed to acquire a business license to produce medical and non-medical face masks. However, affected by the lockdown, the legal representative of Shida International Group was unable to go to the office and submit an application. To solve these kinds of problems during the lockdown, the Jinhua Municipal Market Supervision Bureau instructed Ms. Tong to complete the submission online, and guided shareholders in Hong Kong through WeChat. In the end, Ms. Tong managed to obtain a business license. (By Xu Zhaohui, translated by Li Ziyi, edited by Kendra Fiddler)