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Shanghai Export-Oriented Processing Zone Draws Investors
Shanghai's Songjiang Export-Oriented Processing Zone, one of China's 15 pilot processing-for-export zones newly approved by the State Council, plans to introduce 100 businesses, with a combined investment of one billion US dollars.
Investors will mainly be directed to such areas as information technology, bio-pharmaceuticals, building materials, refined chemicals, and machinery.
The 1.98-sq-km zone, located in southwestern Shanghai, is operating in accordance with international practices
Local sources said establishing export-oriented processing zones is part of China's efforts to standardize and boost its processing-for-export sector.
Official figures indicate exports and imports from the sector increased by 69.7 times between 1981 and 1998 in China. The sector now contributes more than half of the country's foreign trade volume.
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