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In the sixty years since the founding of PRC, especially over the past three decades since the beginning of the reform and opening up, with the state rapid development and national revival, Qingdao people has pioneered a brand-new age from backwardness to progress and from poverty to richness by their diligence and wisdom, and made Qingdao form bright characteristics of port, open, brand, tourist, marine science and technology and Olympic city. In recent years, centering on building a wealthy, civilized and harmonious modern international city, Qingdao makes great efforts to build advanced manufacturing industrial base, hi-tech industrial base, modern service industrial base, regional economic center, Northeast Asia international shipping center and national marine research center. In 2008, Qingdao's GDP reached 443.6 billion yuan, up 13.2% over the previous year; it has remained double-digit growth for the past twelve years. Three-industry structure was adjusted to 5.1:50.8:44.1 from 5.4:51.6:43 in the previous year. The gross national product per permanent capita for the year was 52,677 yuan. Total financial revenue was 125.16 billion yuan, up 16.9%; general budget revenue of local government totaled 34.24 billion yuan, up 17%; general budget expenditure of local government totaled 36.94 billion yuan, up 15%. The growth rate of major expenditures used on agriculture, rural areas and farmers, public facilities, social security and other respects exceeded 30%. Fixed assets investment above the designated scale was 201.9 billion yuan, up 23.5%. The per-capita disposable income of urban residents and the per-capita net income of rural people have remained double-digit growth respectively for seven consecutive years and five consecutive years, and reached 20,464 yuan and 8,509 yuan. Customer price index rose by 4.7%; house selling price index rose by 5.1%; registered unemployment rate in cities and towns was 3.01%; Qingdao's GDP stably ranked among the top ten places among cities of mainland China, and its five county-level cities ranked among China's top 100 counties in terms of overall economic strength. With rich agricultural resources, Qingdao abounds with grain, peanut, fruits, animal products and aquatic products; it is also the northernmost tea-planting base in China. Since 2004, Qingdao has constructed four "One Million-Mu Demonstration Zone (1 mu=1/15 hectare)" of quality grain, vegetables, peanut and fruit tea. In 2008, grain output reached 3.337 million tons, the highest level in the past decade, and per unit area yield of summer grain (wheat) reached a record level; the output of peanut, fruit, vegetables (not include fruited melon) was 471 thousand tons, 807 thousand tons and 6.119 million tons respectively. The output of meet, eggs and dairy products was 1.066 million tons, and the output of aquatic products was 1.057 million tons. The export of vegetables, poultry and aquatic products ranks first in cities of mainland China for many years. The coverage rate of improved varieties of main crops is 99%, and four improved varieties of crops have been carried by ?Shenzhou ?? spaceship to make a space breeding. The coverage rate of improved varieties of main livestock and poultry is 95%; agricultural comprehensive mechanization level is 77%; there are more than 2500 agricultural product processing enterprises and the annual processing capacity reaches 8.5 million tons. With strong and solid industry foundation, Qingdao has basically established eight industrial bases of electronic information, automobile, ship and ocean engineering, locomotive, petrochemicals, steel, textile and clothing, biology and new material. The output of household electric refrigerator and color TV take up 18.4% and 10.4% respectively of the total national output. In 2008, added value of the industrial enterprises above the designated scale exceeded 200 billion yuan, up 12.1%; the proportion between light and heavy industry was 43.6:56.4; the capital maintenance and increment ratio reached 103.63%, and sales ratio was 96.96%. Total industrial output value of the industrial enterprises above the designated scale exceeded 800 billion yuan, hi-tech industrial output value rose by 20.1%, taking up 46.31% of that of the industrial enterprises above the designated scale. In September 2008, Qingdao was cited as "China's Famous City of Manufacturing Industry" at the 2nd Asia Manufacturing Industry Forum. Qingdao's service industry develops rapidly. Centering on establishing the industrial structure focused on service economy, Qingdao tightly combines modern service industry development with private economy development, with international industry transfer, with brand economy development, with urban planning administration and with system & mechanism reform so as to plan and construct a group of service industry gathering zones, to promote the establishment of a group of service industry key projects and key enterprises, to make great efforts to cultivate a group of service industry famous brands. Qingdao is accelerating the development of nine key industries of tourism, logistics, finance, exhibition, commercial distribution, cultural creativity, intermediary service, real estate, science & technology and information, and headquarters economy. The ratio of service industry to the total output rises by over 1% every year. In 2008, added value of service industry reached 195.73 billion yuan, up 17.1%; the total volume of retail sales for social customer goods reached 146.48 billion yuan, up 22.2%, the biggest increase since 1996. Qingdao is an important international trade port and marine transportation hub on the western shores of the Pacific Ocean. Qingdao port, founded in 1892, has container dock, crude oil dock, iron ore dock and state-level port technology center whose scale ranks among the top of mainland ports. It has established trade relationship with over 450 ports of 130 countries and regions. In 2008, the port handled more than 300 million tons of cargoes, ranking 10th in global ports, more than 200 million tons of foreign trade, and over 10 million standard containers. As one of China's first 14 coastal open cities, Qingdao has seven national development zones. Qianwan Bonded Port is the only one of its kind in Shandong province, and in the nine provinces and regions in the Yellow River Basin. Haier-Ruba Economic Zone in Pakistan is the first oversea economy and trade cooperation zone of China. Qingdao has established sister-city relations or entered into friendly relations and cooperation with 53 foreign cities, and more than 2000 oversea trading firms, companies and financial institutions have set up permanent offices in Qingdao. In 2008, the total value of import and export exceeded 50 billion US dollars, up 19.6%; export value exceeded 30 billion US dollars, up 17.5%. Foreign direct investment in the account was 2.64 billion US dollars, up 10%; introduced domestic capital exceeded 40 billion US dollars, up 11.2%. Accumulated introduced foreign direct investment reached 30.31 billion US dollars. A total of 81 of the world top 500 enterprises had invested in 166 projects in Qingdao. Depending on the fair and well-ordered market system, good public security, comfortable living conditions, highly efficient government service, complete infrastructure, guaranteed person and property security and other good investment environments, Qingdao has been ranked among China's most economically dynamic cities, China's best commercial cities, Chinese cities with the most investment potential in the eyes of multinational corporations, been cited as a "gold-medal city" in China for its investment environment by World Bank. Qingdao brings together a lot of brands. Tsingtao Brewery Co., Ltd., founded in 1903, is the earliest beer productive enterprise in China, with its export amount over 50% of the total Chinese amount. Since the 1980s, Qingdao has been making great efforts to implement famous brand strategy, and has gradually developed a group of well-known enterprises and brands, such as Haier, Hisense and Doublestar. After entering into the new century, brand economy has developed towards the direction of high technology and industrial clustering. Six enterprises have been ranked among Chinese top 500 brands; among which Haier Group has ranked 1st for six consecutive years, and among the world top 100 brands for four consecutive years. The city has two world-famous Chinese brands, 69 nationally-famous products and 36 nationally-famous trademarks. Five of its enterprises have won the national award for quality control.. The industrial added value of famous brand enterprises takes up about 50% of that of the enterprises above designated scale. Brand economy has promoted Qingdao to develop in the direction of brand city. Qingdao was successively cited as "capital of Chinese brands" in 2005 and 2006. Qingdao boasts its marine science and technology. Qingdao's marine research institutions at or above provincial level take up over 40% in China. The famous Ocean University of China, Institute of Oceanology of Chinese Academy of Sciences and other institutions are established here. The national deep-sea base, and the National Laboratory for Marine Science and Technology are speeding up their construction. Qingdao's advanced marine scientific researchers take up about 50% in the whole country, including 25 academicians of the Chinese Academy of Sciences and the Chinese Academy of Engineering. The five industrial tides "fish, shrimp, shellfish, alga and ginseng" of Chinese sea-farming industry are developed initially in Qingdao. The National 973 Program involves 11 projects of marine field, in which chief scientists and host units of 10 are in Qingdao. During the "Tenth Five-Year Plan", the number of state "Award for Achievement in Marine Innovation" won by Qingdao takes up 43% of the national total. So Qingdao has good foundation and prospect in the research, development, creativity and achievement transfer of marine biology, marine medicine and marine material. With moderately developed financial industry, Qingdao has become the most foreign bank-intensive city with complete varieties of financial institutions in Shandong province. It has 39 banking institutions including 7 corporate bodies and 11 foreign commercial banks. By the end of 2008, the deposit balance in Chinese and foreign currencies in financial institutions reached 489.63 billion yuan, or 86.07 billion yuan higher than the level at the beginning of the year, in particular, savings deposit of residents was 212.34 billion yuan, an increase of 42.13 billion yuan compared with the level at the beginning of the year. Loan balance in Chinese and foreign currencies stood at 406.76 billion yuan, or 68.84 billion yuan higher than the level at the beginning of the year. Qingdao has 39 securities and futures institutions including one securities company with corporate capacity and one futures company with corporate capacity. There are 14 domestically listed companies (issuing 14 stocks) and 7 oversea listed companies (issuing 8 stocks). Qingdao also has 41 insurance institutions including 35 insurance company sub-branches, 4 marketing and service outlets and 2 foreign insurance company branches. In 2008 the total premium revenue exceeded 10 billion yuan. Qingdao has obtained notable achievements in ecological construction. Centering on building a resource-saving and environment-friendly city, since 2003, Qingdao has been implementing the construction planning of an ecological city, giving priority to environmental protection and accelerating the transfer of economic growth mode so as to fully complete the construction of ecological city by 2020. The comprehensive utilization rate of industrial solid wastes in the whole city reached 98%, and the disposal rate of sewage reached 80%. The number of days of high air quality in the urban area reached 333, the highest level in the past eight years. Qingdao is cited as a national seawater desalination demonstration city and national recycle economy demonstration pilot city. Its 12 district and cities have been built into national environmental protection model cities, and Qingdao has won the Fifth Environment Prize in China.
Key National Development Zones Qingdao Economic & Technical Development Zone Qingdao Economic & Technical Development Zone, approved to establish by the State Council in October 1984, is one of China's first 14 coastal open cities enjoying special preferential policies. It lies on the western coast of Jiaozhou bay, facing the old town of Qingdao across the sea, and the nearest distance over the sea is 2.26 sea miles. The development zone was started on March 28, 1985. Its original planning area was 15 square kilometers which was extended by 5 square kilometers in 2005. In 1992, Shandong provincial government and Qingdao municipal government approved to adopt one amalgamated governing system in this development zone and in Huangdao District. In 1995, the Phoenix Island Tourist Resort was set up with the approval of Shandong Provincial Government. Qingdao has six sub-districts and has a population of more than 500,000. In the past twenty years, the total investment in infrastructures of the development zone reaches 40 billion yuan, and the comprehensive urban function is improving. The total actually utilized foreign capital reaches 6 billion US dollars, in particular, large projects with an investment of over 10 million US dollars numbered more than 380, those with an investment of over 100 million US dollars totaled 17. More than 50 of the world top 500 companies invested in the zone. Haier, Hisense, Aucma, Sinopec, China National Offshore Oil Corp (CNOOC), China Shipbuilding Industry Corporation (CSIC), SGMW, Mitsumi, POSCO, China International Marine Containers (Group) Ltd. (CIMC), Bao Steel and other well-known domestic and foreign enterprises have entered the zone, forming six industrial clusters of household electric appliances, petrochemical, port, ship-building and ship-repairing, marine petroleum engineering and automobile. In recent years, main economic indexes of the development zone have remained an annual growth rate of about 30%, ranking among one of the national fast-growing economic and technical development zones. In 2008, the total output value of the development zone reached 70.8 billion yuan, ranking first in all cities and districts of Qingdao. The development zone pays attention to harmonious social development, and to promoting education, culture, public health, social security and other social programs to develop together with economic construction. There are eight higher learning institutions including Shandong University of Science and Technology, Qingdao campus of China University of Petroleum, etc. It is not only a national development zone with the largest quantity of higher learning institutions, but also an advanced culture zone of Shandong province. The development zone has successfully established ISO14000 national ecological demonstration zone and won "China Human Settlement Environment Demonstration Prize". The State Council formally approved that a national export processing zone would be established on Qingdao's western coast in Qingdao economic and technical development zone in May 2005, and the export processing zone successfully passed the acceptance inspection and began operating in 2007. The western coast export processing zone, with a planned area of 2 square kilometers, lies in the crossing area of Jiaozhou Bay Ring Expressway and Jiaozhou-Ji'nan railway, neighboring with Qingdao Port, and 40 kilometers away from Qingdao International Airport. With advantageous geographic location and convenient traffic, the export processing zone is favorable to the operation of export processing enterprises and the exertion of industrial centralization and radiation effect of the zone. The export processing zone focuses on the development of export-oriented electronic information, precision machinery, fine chemical, new material, biological and medical industry, and other hi-tech technical industries, aiming to become a new carrier for the development and opening-up and a new growth pole of export-oriented economy in Qingdao within 3-5 years. Standing on a new historical point, Qingdao development zone is striving to establish the best national development zone with stronger comprehensive economic strength, more harmonious and stable social atmosphere, more beautiful human settlement environment and more dynamic system mechanism.
Qingdao Bonded Area Qingdao Bonded Area was established in November 1992 with the approval of the State Council and formally began operating in March 1993. Featuring operating in accordance with international customs in bonded area, the bonded area enjoys special policy treatment, such as being certificate-free, tax-free and bonded. Its main functions are to develop international distribution, international procurement, international exhibition, international trade, export processing and bonded warehousing. The planned area of Qingdao bonded area was 2.5 square kilometers. After entering into the new century, as the only bonded area in the Yellow River Basin, Qingdao bonded area has developed rapidly in innovation with an increasingly enhanced economic strength. It has attracted investment of more than 4200 enterprises from over 40 countries and regions, including 29 world top 500 enterprises. Its main economic indexes have remained an annual growth rate of over 40%, per unit area yield ranks first for four consecutive years in Shandong province, and the economic strength ranks among the top places in national bonded areas. Qingdao bonded area has been constructed into Shandong Provincial Garden Investment Demonstration Zone, the first "Fee-free Investment Zone" and "Whole-process Agency Service Zone" in the Shandong province and Foreign Investment Whole-process Agency Service Zone. It is the first to pass ISO9001, ISO14001 and OHSAS18000 certifications among the national bonded areas. In 2007, the bonded area was cited as a national industrial tourism demonstration site, and "Opening Advanced Development Zone" by CPC Shandong Provincial Committee and Shandong provincial government. In August 2004, Qingdao Bonded Area became the second "Area-port Integration" pilot zone after Shanghai Waigaoqiao Bonded Area. In November 2005, Qingdao Bonded Logistics Park with one square kilometer area formally began operating. After three years' development, the infrastructures and functional policy of the bonded logistics park have been improved. The park?s advantages of special "Zero Tariff", "Accessibility" and "All-direction" have attracted Nittsu, SK, JT, China International Marine Containers (Group) Ltd. (CIMC), POSCO, CWT and other domestic and foreign logistics companies and trading companies to start businesses here. There are 44 enterprises and more than 1800 kinds of commodities in the bonded area. Based on advantageous policies, Qingdao Bonded Area has taken the initiative to establish the new mode of area-area integration development in China, and gradually radiated the preferential policies of the bonded area to the entire Shandong province. It has also established the international commodity trading market cluster of "Listed in US Dollar, Bonded Trading". The bonded area has established Qingdao International Rubber Trading Market, the first to trade caprolactam in the world, the first Cotton Spot Transaction Market in east China, and the only domestic Mineral Right & Mineral Product Trading Market integrated mining right trading with mining financing and investment function. It has over 10 thousand members. The State Council formally approved to establish Qingdao Qianwan Bonded Port in September 2008. It has become the only bonded port formed by integrating the nearby port with the bonded area and the bonded logistics park in accordance with the requirement of "Function Integration, Policy Superposition". The bonded port was defined "Qingdao Mode" by the General Administration of Customs and listed in the first group of Free Trade Port Pilot Sites. The bonded port with 9.72 square kilometers of planned area is divided into dock operation area, logistics & warehouse processing area and port supporting service area; it has nine functions including international procurement, international logistics, international distribution, etc. So far, the construction of the bonded port has been developed in an all-round way. It is estimated that the first phase will begin operating in August 2009 and the whole port in 2010. Qingdao Bonded Area will actively construct an advanced productivity development base, advanced culture-spreading base, talent training base, hi-tech radiation base and environment construction demonstration base, and make great efforts to build free trade port with the most distinctive characteristics. Qingdao Bonded Area will actively contribute to building international shipping center of Northeast Asia, regional international logistics center, international procurement center, international trade and exhibition trade center, forming all-dimensional, multi-level and wide-ranging opening-up pattern in the Yellow River Basin, and creating advantages for participating in international economic cooperation and competition under economic globalization.
Qingdao High-tech Industrial Development Zone Qingdao High-tech Industrial Development Zone was established with the approval of the State Council in 1992. In August 2006, the Ministry of Science and Technology approved to enlarge the area by 9.95 square kilometers in the north of Jiaozhou Bay. As a result, the total area of the development zone reached 19.75 square kilometers. To further expand urban development space, Qingdao city adjusted the management system of high-tech zone and organized new Work Committee and Management Committee of the high-tech zone in November 2007 to develop the 9.95-square kilometer core area and development back-up land of the high-tech zone in the north of Jiaozhou Bay and the 63.44-square kilometer saltern region, so as to build Qingdao's third generation of ecological, scientific and technological city. Meanwhile, the Work Committee and Management Committee of the high-tech zone directed and coordinated the work of Qingdao High-tech Park, Shinan Software Park, Shibei Science Park, etc., forming the development pattern of "One Zone with Several Parks". The development of Jiaozhou bay north park area of Qingdao high-tech zone has become a critical step to implement the strategy of "Protection along the bay, development around the bay" and establish the modern urban framework of "One principal center, three supporting sub-centers and multi-groups", and also has become an important part to implement scientific and technological innovation, promote industrial structure upgrade and build innovative city. ?? To be the starting place to expand domestic demand. In 2009, the development zone will tightly seize the significant opportunity of expanding domestic demand and increasing economic growth at national, provincial and municipal level, implement saturation input, quicken infrastructure construction of high-tech zone, screen out and conduct 30 large projects (Total investment is 6.98 billion yuan) conforming to policies and development condition. It is estimated that the fixed assets investment will reach 7 billion yuan. ?? To build ecological demonstration zone. Adhere to the principles of scientific planning, ecology first and intensive land use. For the north park of Jiaozhou Bay, one third will be used for industry, one third will be used for daily life, one third will be used as ecological green-land, which should be planned and constructed in a unified way. Follow the requirements of high standard and pre-planning, launch the construction of salt-field backfilling, infrastructure supporting, road traffic, disaster prevention and other key projects in all-round way. By the end of 2009, supporting function of the park will be largely complete and basic conditions for implementing project will be formed, which will lay foundation for further development. ?? To build independent innovation base. Stick to the industrial guidance of high-end leading, intensive development and good ecology, focus on the cultivation of seven leading industries, such as electronic information, biology and medicine, new material, new energy, efficient and energy saving, advanced equipment manufacture, marine science and technology, science and technology of national defense. Make great efforts to build first-class national innovative science and technology park.
Qingdao Export Processing Zone Qingdao Export Processing Zone is one of the third batch of export processing zones (13 zones) approved by the State Council in March 2003. It passed the joint acceptance inspection of General Administration of Customs and seven other ministries and commissions at the same time on December 8, 2003, which set up a new record of "Approval and inspection acceptance at the same year". The total planned area was 2.8 square kilometers. Qingdao Export Processing Zone is located in Chengyang District, the open forefront of Qingdao city. Located in the in the central part for implementing the strategy "Protection along the bay, development around the bay" and constructing the industrial belt along Jiaozhou Bay, it is close to the Qingdao International Airport and Qingdao Port. The zone is easily accessible by sea, land and air. Qingdao Export Processing Zone carries out the customs policies of "Four Not, Four Free, Two Rebate, and One Bonded". "Four Not": do not implement bank deposit account system for processing trade when starting processing trade business; do not implement the management of Registration Manual in customs; do not collect value-added tax and consumption tax for products processed in the processing zone; do not implement import and export quota management and license management for goods imported or exported abroad. "Four Free": tax-free for imported machines, equipments, moulds and their spare parts required for production; tax-free for imported machines, equipments required for production infrastructure construction projects, and for imported capital construction materials required for production factories and warehouse facilities; tax-free for reasonable quantity of office supplies imported by enterprises and administrative management organizations for their own use; tax-free for exported finished products processed by enterprises in the processing zone, and their leftover materials, remaining materials, defective goods and waste products. "Two Rebate": products from outside entering the processing zone are treated as export, enjoying tax rebate; water, electricity and gas consumed for export products by enterprises in the processing zone, enjoying tax rebate. "One Bonded": imported raw materials, spare parts, packages and consumable materials for processing export products enjoy full amount bonds. The export processing zone is the only industrial zone so far in China that employs tax rebate for domestic products entering the zone and the only area that implements the customs clearance mode of 24-hour opening, so as to provide services such as "One-stop" approval for investors and "All-in-one" service. It is also the processing production area that keeps the best in line with international practice. Products can be freely transported between the export processing zone and other countries, and do not need quota or license unless otherwise stipulated by the state. The export processing zone transacts State-owned Land Access Card for customers, the limitation of the land leasehold is 50 years; for exported products of the export processing zone, do not need to transact verification procedure for Export Proceeds; for payment to outside China, do not need to transact verification procedure for foreign exchange payments for imports. Qingdao Export Processing Zone focuses on the four leading industries of electronic information, precision machinery, fine chemical and new material. In order to allow the export processing zone to play a radiation role, Chengyang District has also established a supporting industrial zone, a radiation zone and a living service zone around the core area of the export processing zone. Employing the development mode that highlights four-in-one approach, coordination and interaction, breakthrough in key areas and all-round beginning, the district plans to build a first-class export processing zone in China in 3~5 years. Gradually, it will become an industrial belt around Jiaozhou Bay, a core area of the Shandong Peninsula manufacturing base and an important base for world industrial transfer.
Qingdao Experiment Zone for Cross-straight Agricultural Cooperation Qingdao Experiment Zone for Cross-straight Agricultural Cooperation was established in March 1999 with the approval of the Ministry of Commerce (the former Ministry of Foreign Trade and Economic Cooperation) and the Ministry of Agriculture and the Taiwan Affairs Office of the State Council. It is the only experiment zone for cross-straight agricultural cooperation established in county-level city. Its total planned area was 3,176 square kilometers, covering the whole Pingdu city. In December 2001, the core area of the experiment zone was established in Nancun town, Pingdu city, with the planned area of 22.4 square kilometers. Location Advantage: The core area is located in Qingdao's drinking water resource area ? Dagu Riverside, within the Half-hour economic rim of Qingdao city, ten kilometers away from Jiaozhou-Ji'nan railway, thirty kilometers from Qingdao International Airport and 70 kilometers from Qingdao Qianwan Port. Qingdao-Pingdu Expressway and Tongjiang-Sanya Expressway have established entrances and exits in the zone, so communication and transportation is convenient. Investment Environment: The core area pays attention to the constructions of road, water supply and drainage, electric power, communications and other infrastructures, and has reinforced the working capacity for various industrial projects. The core area improves the policy environment, reduces approval procedure, implements "All-in-one" service and "One department" work, and establishes the approval system of "Green channel" for key foreign-invested projects. Agricultural Resources: Pingdu city ranks among the top 100 cities with comprehensive production of grain, oil, meat and fruit; it is the "Hometown of Grape in China", "Hometown of Peanut in China", "Hometown of Ginger in China" and "Hometown of Beef Cattle in China". Nancun vegetable wholesale market ranks among China's top 50 agricultural product wholesale markets; it is a designated market of the Ministry of Agriculture. Its abundant agricultural resources offer quality raw materials for various agricultural product processing projects. Human Resources: Pingdu city with thriving education is a "National Education Advanced City". Each year the "Dual System" Vocational Education Center cooperating with Germany cultivates more than 8000 technical talents with strong practice ability for the society, which has attracted Haier, Hisense, Tsingtao Beer, Samyoung, LG, TDK and other famous domestic and oversea enterprises to settle down here. Key Industries: The core area has over 160 industrial enterprises at present, forming the three industrial clusters of household electric appliances, textiles and clothing, and food processing. It is also an important comprehensive park in Qingdao city. An open park featuring high standard, multi-functions, modern scientific management and in line with international practice is heading for the world.
Shandong Provincial Economic and Technical Development Zone Approved by the Shandong People's Provincial Government, Qingdao has established six provincial economic and technical development zones. They are the Huanhai Economic and Technical Development Zone, the Jimo Economic and Technical Development Zone, the Laixi Economic and Technical Development Zone, the Pingdu Economic and Technical Development Zone, the Jiaonan Economic and Technical Development Zone and the Jiaozhou Economic and Technical Development Zone. With sound infrastructure facilities, beautiful investment environment and convenient transportation, the six development zones have attracted many foreign investors.
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