Shenyang Finance, Commerce & Trade Economic Development Zone [Photo provided to China Daily]

With a planned area of 2.97 square kilometers, the Shenyang Finance, Commerce & Trade Economic Development Zone was established in 1991 as a provincial-level zone. Currently, it is one of China's two development zones centered on finance and trade, the other being Lujiazui Finance & Trade Zone in Shanghai. Following Pudong New Area of Shanghai and Binhai New Area of Tianjin, the zone has now become the third finance-oriented pilot zone in China. Recent years have seen major breakthroughs in the establishment of a financial center for Northeast China and a national financial and ecological pilot center in the zone. In 2003, gross domestic product (GDP) in the zone reached 12.2 billion yuan, investment in fixed assets totaled 7.03 billion yuan, and public fiscal budget revenue stood at 2.88 billion yuan. In the same period, it realized $155 million of actually utilized foreign capital and $284 million of total export value.

At present, Shenyang Finance, Commerce & Trade Economic Development Zone boasts over 40 business buildings, covering a total area of 2.5 million square meters. A good number of companies have already moved into the zone, including 450 financial enterprises, eight regional trading markets, over 200 intermediary agencies (for example KPMG) and 233 regional company headquarters (for example China National Petroleum Corporation in Northeast China). Besides, 30-odd business buildings covering a total area of 4 million square kilometers are now under construction. Some major projects such as Huaqiang City Square Project, with an investment of 12 billion yuan, and Baoneng Global Financial Center Project, 518 meters high, are already underway.

In terms of investment and foreign capital per unit area, Shenyang Finance, Commerce & Trade Economic Development Zone takes the lead in Northeast China. As brand effect and industrial aggregation effect begin to work in the zone, an industry development pattern has taken shape, within which the financial industry takes the leading position. The headquarter economy and flow economy have become the focus, while housing market, information service, consulting agencies and intermediary agencies function as supporting business.

Also, the zone has set up a wholly State-owned financial investment company, which enables government funds to play a more active role in leading and encouraging financial innovation, industrial aggregation, and improvement of soft and hard conditions. By establishing strategic cooperation with Xinhua News Agency's Liaoning branch, the zone has developed a comprehensive financial information service platform in Northeast China and a unified financial credit platform for Shenyang that integrates both credit records within the province and credit records of individuals and enterprises within the zone.

Shenyang Finance, Commerce & Trade Economic Development Zone encourages domestic and overseas financial organizations and relevant enterprises to invest in Internet finance, private funding, finance leasing and other financial fields. In accordance with national, provincial and municipal policies, each year the zone will appropriate 100 million yuan from the development fund to be used to reward those who introduce company headquarters, financial institutions or other modern service sector companies into the zone. Meanwhile, preference will be given to senior managers in financial enterprises, such as a rewarding income, a good education for children and job opportunities for spouses.