China's Yingkou favored by investors eyeing Northeast Asia

YINGKOU, China, Nov. 17, 2017 /PRNewswire/ -- Yingkou, the first treaty port in northeast China opened to foreigners in 1861, has re-emerged into the spotlight after becoming part of a new free trade zone.

Seven months after it was approved by the central government to be part of China (Liaoning) Pilot Free Trade Zone (FTZ), Yingkou Area has seen a rapid rise in capital inflow.

By Nov. 10, some 1,765 new enterprises have been established with an aggregate registered capital of 86.9 billion yuan. Of the total, 21.26 billion yuan came from foreign investors.

Israel National Medical Center (INMC) has decided to co-invest China's first institute specialized in precision medicine with Chinda Gene in Yingkou, where pediatric rehabilitation, assisted reproduction clinic and remote medical services by Israeli experts will be available.

Yang Fan with Chinda Gene attributed the quick decision of INMC to the impressive efficiency of local government and the city's strategic location which allows the company to easily explore the Northeast Asian market.

"Yingkou's business environment is very open. We feel a strong sense of responsibility from the management of Yingkou Area. That is why INMC has decided to headquarter here," Yang said.

Yin hongwei, director of Tiannian Medical Service, another newly-established company with a registered capital of five billion yuan, said his investment in Yingkou was aimed at Northeast Asia.

In the eyes of Zhao Changfu, top leader of Yingkou City, Yingkou Port and the burgeoning free trade area are "the two wings" on which local economy will soar.

With a handling capacity of 352 million tonnes, the eighth largest in China, Yingkou Port is quickly integrating itself with China's Belt and Road Initiative. Through sea-rail combined transport, the port has been well connected with not only Russia and other European countries but also Manchuria, southern China and the ASEAN.

In a move to enhance its global competence, Yingkou Area signed a framework agreement with Imperial County FTZ Management Corporation from California in June to facilitate cooperation in production, processing, trade and logistics.

As the city has drastically reduced its business review proceedings and optimized its services, Yin Hongwei said he used only one day to get the business license done. "Yingkou is really efficient," he said.