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SEZs Should Pilot Path to Globalization
China's Special Economic Zones (SEZs) should take the lead to deal with the economic globalization in the next century, according to economists specializing in the research of SEZ development.
Shenzhen, Xiamen, Shantou, Zhuhai were founded 20 years ago, with the fifth SEZ of Hainan in 1988. They were considered the experimental field of China's economic reforms and China's "windows" to the world.
Every SEZ has different advantages, said Jin Deben with the Department of Special Economy Zone and Opening-up Affairs of the State Council.
As a neighboring city of Hong Kong, Shenzhen has an access to the world's financial and transportation market. It's more convenient for Zhuhai to introduce advanced international conception to build a modern city since it is located near Macao.
The two SEZs may help to gear up the modernization of their surrounding areas and accelerate the urbanization of the Pearl Delta, said Jin.
Hainan, the country's largest and youngest SEZ, may take advantage of its oceanic resources and tropical plants, which are hot investment targets for overseas investors.
China's SEZs occupy large expanse of land, with residents of cities, towns and villages leading a harmonious existence in the regions. This creates an ideal environment for development of all types of businesses, Chinese experts said.
SEZs may first make use of the international mechanism in the sectors of port business, foreign trade, enterprises, tax collection, finance, insurance and legal system, Jin said.
They may experiment with the reforms of State-Owned Enterprises and the social security system at the same time, he said.
China's five SEZs have all witnessed full-range development with multiple types of industries and economic elements, said Jin,adding that this mode of economic development will help to integrate SEZs' development with urban construction.
Shenzhen, Xiamen and Shantou have become modern cities with well-equipped infrastructures, he said,
SEZs have accumulated sound economic strength and experiences in doing business with international funding. They are now focusing on promoting the development of the high-tech industry and trying to invite more investment from multi-national companies.
So far, overseas investment in the five SEZs occupies about 15 percent of the nation's total, statistics show.
However, the similar industrial structure of the SEZs is now a problem. Industry is in the leading position with commerce, tourism, real estate, financial and agriculture being general developing sectors.
The structure will not help SEZs to participate in international competition and to drive up the development of inland regions, said Guo Zhemin, professor with Xiamen University.
With China's gradual opening all regions to the world, SEZs will not enjoy policy privileges. Now China is stressing preferential treatment to special industries, such as high-technology sector, Guo said.
SEZs should seize the chance to make breakthroughs in its development mode and each of them is expected to select its pillar industries in line with their resources and their economic cooperation with neighboring areas, Guo added.
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