Many Foreign Resident Representative Offices In Light Textile City Have Been Pformed Into Foreign-Invested Enterprises.

From Korea

According to statistics from the county commercial bureau, 1-8 new foreign-invested enterprises in Shaoxing Prefecture, 36, reached 121 this year.

In 1996, the first foreign resident representative office appeared in China Textile City. As Shaoxing proposed to build China Textile City into an international textile capital, more and more foreign permanent representative offices were stationed in China Textile City, especially in the past three or four years since 2007. The resident representative offices in Shaoxing County grew at an annual rate of more than 100.

By the end of 8 this year, Shaoxing has 902 permanent representative offices from 40 countries and regions such as Korea and India.

The permanent representative offices of foreign businessmen have played a positive role in the development of export-oriented economy and the popularity of China's Textile City in the world.

Zheng Guojian, a staff member of the county's foreign-related service center, said that the permanent representative offices of foreign companies were only dispatched by foreign companies. They purchased fabrics in Shaoxing according to the intentions of foreign companies and acted as comprador or purchasers.

However, with the implementation of the regulations on the registration and management of permanent representative offices of foreign enterprises formally implemented in March this year, the establishment of permanent representative offices of foreign enterprises and their business activities are further standardized.

At the same time, after many years of business operation, many foreign resident representative offices have their own upstream and downstream customers, so they give up the "comprador" and become the "boss" themselves.

The pformation of foreign permanent representative offices into foreign-funded enterprises has also promoted the internationalization process of China's textile city to a certain extent.

First of all, foreign invested enterprises have brought real foreign capital to China's textile city. In the first half of this year, foreign investment enterprises had real foreign capital of 2 million 400 thousand US dollars.

Secondly, foreign invested enterprises are different from foreign permanent representative offices. They have their own import and export rights. In the first 6 months of this year, foreign investment enterprises in Shaoxing county achieved export volume of US $82 million 160 thousand.