Beijing Export Processing Zone Goes into OperationA state-level export processing zone in the city went into operation Wednesday as it was authorized operation status.The zone, located in north Beijing and close to the capital airport, has a planned area of 2.76 sq km and its first-phase construction of 1.25 sq km will be completed by the end of this year. By May 2001, nine companies from 6 countries including Japan, the Republic of Korea, Switzerland and Italy had settled in the zone, with a total investment of 300 million US dollars, sources said. The Japanese SMC company alone will invest 250 million U.S. dollars in the coming three years to set up the largest pneumatic devices base in Asia. The zone is expected to draw in 500 million U.S. dollars in capital over the next three years and 30 to 50 companies, with their total annual revenues hitting 1.5 billion U.S. dollars and exports reaching 1 billion U.S. dollars, according to sources. |
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