Yangzhou builds "tracks" for international funds and industries
( 2003-07-28 13:17) (chinadaily.com.cn)
Yangzhou in East China's Jiangsu Province is working out a series of policies to attract outside investments and improving its infrastructure systems along the Yangtze River in a bid to lay smooth tracks for the ``landing'' of both domestic and international funds and industries, said Yangzhou Mayor Ji Jianye.
``We have started fully to implement the strategy of accelerating the development of areas along the Yangtze riverlines put forward by the Jiangsu provincial government. We hope to make use of this chance to turn Yangzhou into a new hot spot for outside investment and fast economic growth in Jiangsu,'' said the mayor.
First of all Yangzhou will establish a new, fully market-oriented fund-raising mechanism which will be guided by the city government.
``We will set up an investment company for the Yangtze River development strategy implementation. The company, which will be operated in line with modern enterprise systems, will be responsible for the drafting of a unified and integrated plan for the development of the riverside areas,'' added Ji.
The mayor said the company will welcome all kinds of investors -- both domestic and overseas investment companies and social institutions -- to take a share in Yangzhou's rivderside projects. The company will be listed when the time is ripe.
``The city will encourage overseas investors to adopt international investment patterns-investment funds, venture capital, share transfer, project fund-raising and BOT (Build-Operate-Transfer) to involve themselves in the construction of large-scale riverside infrastructures and industrial park projects, including river ports, highways, power and water supply and waste water treatment,'' said the mayor.
Well-known domestic investment companies, listed companies and private investors will be invited to inject their funds into Yangzhou's large riverside infrastructure projects, riverside regional development and industrial parks construction.
The city government is working out preferential policies regarding land use and taxation to help lower project investment costs. In addition, the investment service system will be improved to raise service quality and efficiency, according to the mayor.
(By Ma Zhiping)
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