The newly-established Shenyang sector of the Liaoning Free Trade Zone has already started to attract companies from both home and abroad, as the number of businesses that have registered in the area over the past 13 working days has exceeded the total quantity of businesses registered over the past 31 years.

Free trade zones refer to areas that enjoy preferential policies, such as favorable tax rates, easier customs clearance, and reduced bureaucracy for businesses.

The central government announced the launch of the China (Liaoning) Pilot Free Trade Zone on April 1 to revitalize the traditional industrial base of Northeast China and promote international economic and trade cooperation in Northeast Asia.

The Shenyang part of the Liaoning Free Trade Zone formally commenced operations on April 10.

Statistics from the free trade zone management commission revealed that newly-registered businesses in the Shenyang free trade zone reached 730 during the past 13 working days, already exceeding the 674 businesses established over the past 31 years. The number of consultations that have taken place at the service center in the Shenyang free trade zone has now reached 10,646.

The registered capital of the 730 businesses totals 7.31 billion yuan ($1.06 billion). Among which, foreign invested businesses account for nine, with registered capital of $84.92 million; and there are 16 businesses that have over 100 million yuan in registered capital, accounting for 46 percent of total registered capital.

Statistics reveal that newly-registered businesses are mainly involved in sectors such as trade, technology, commercial services, logistics and financing.