Shenzhen sees over 90,000 foreign-invested enterprises

SHENZHEN (Xinhua) – More than 90,000 foreign-invested enterprises have been set up in Shenzhen, one of the symbols of China’s reform and opening up, since the city issued the first business licence for a foreign-funded company in 1981.

According to the municipal government, Shenzhen has, by the end of July, licensed over 94,000 foreign direct investment projects, with nearly USD120 billion of foreign capital used since the establishment of the Shenzhen Special Economic Zone (SEZ) 40 years ago.

Foreign-funded enterprises, which account for only two per cent of business entities in Shenzhen, generate about one-fifth of the city’s gross domestic product, 40 per cent of its import and export volume, and nearly 30 per cent of its tax revenue every year, data from the municipal bureau of commerce showed.

Despite the heavy impact of the COVID-19 pandemic on the global economy, Shenzhen has shown strong economic vitality and appealed to foreign investment with its excellent business environment and investment climate.