China, as the world knows, is one of the main business hubs of the world and has a number of special economic regions and cities which are especially designed to enhance the business opportunities for both local and overseas corporations. There are in place, flexible measures which are far more attractive to do business in when compared to the business policies in place in the inland regions of the country.
The entire province of Hainan along with other port cities of Shenzhen, Shantou, Zhuhai, Kashgar and Xiamen are special trade zones which are a leading factor in the success of the Chinese economy and trade relations. In mid 1980s China opened up further coastal cities with specialized economic policies followed by a number of other inland cities along the river fronts to encourage trade along the river ports. Therefore, as a total, China boasts, fifteen free trade zones, 32 state-level technological and economic development zones along with 53 high-tech industrial development zones in many of the large and medium sized cities of the county, thereby encouraging setting up a business by both foreign personnel as well as local and allowing for various resources of the country to be tapped into.
Established in China, Shenzhen is one of the oldest free zones which introduced the concept of a modern trade port city to the world. There are four separate regions to Shenzhen which have special economic policies which are built to facilitate the various business models in operation and encourage offshore company formation in Dubai by foreign entities. It also boasts the fourth-largest port in the world and is within easy distance of the airport and road network for easy transportation. Shenzhen is in the forefront of the many free zones of the country, due to its close affinity to Hong Kong and is specially designed to facilitate in integrating innovation and science with trade and industries. The various free trade zones are specialized in their various industries and fields.
The basic trend in setting up the business policies of these trade zones, is to facilitate the local and foreign markets and entrepreneurs so as to support the local business models and still allow for new technology and foreign currency to flow in to the nation. Thereby, special tax incentives are offered for foreign companies and investments along with greater independence regarding foreign trade is offered. Within these trade zones, there is a higher focus on exporting of goods and in attracting foreign currency. Joint ventures between locals and foreigners are also encouraged.