Shenyang Area of China (Liaoning) Pilot Free Trade Zone holds a press conference in Shenyang on April 10. [Photo/Chinanews.com]

A press conference was held in the Shenyang Area of China (Liaoning) Pilot Free Trade Zone regarding pilot reforms to business certificates and licenses issued in Shenyang Free Trade Zone (FTZ), on April 10.

The reforms aim to simplify processing procedures for companies and improve regulations for licenses issued by the government.

The new reforms will allow companies to bring their products to market more quickly, said Wang Zhifei, vice-director of the Management Committee of Shenyang FTZ.

Thanks to the reforms, the FTZ gained new powers from the People’s Government of Liaoning province, including the power to establish companies, approve projects, attract foreign investment and conduct entry-exit administration procedures.

A total of 10 new policies to promote the development of scientific innovation were announced by Ni Qingdong, vice-director of the Management Committee of Shenyang FTZ, such as providing subsidies for building online platforms.

Over 15,000 firms have registered in the FTZ since its establishment with registered total capital of over 150 billion yuan ($23.9 billion), indicating a bright future for Shenyang FTZ, said Chen Jiabiao, executive deputy director of the Management Committee of Shenyang FTZ and vice-executive secretary of Shenyang municipal government.