Source: Yiwu sourcing agent Author: Gary Date: 2011-06-25
Yiwu is a city with not only a stable environment but also a vigorous government that is bold to further reform.
The municipal administration for industry and commerce has implemented the dual-track system which brings us great convenience and benefits, Aku, a Pakistani businessman, said yesterday. Aku has been doing business in Yiwu for 11years. His company was registered
as a resident representative office of a foreign company. Restricted
by some laws, foreign resident representative offices were not allowed to engage in business operations. There was no legal ground for the foreign resident representative offices to do business in Yiwu and there were great risks in foreign trade.
After the new policies on foreigninvested partnership enterprises were unveiled by the State Council, the Cabinet, the municipal administration for industry and commerce implemented the dual-track system which allows the coexistence of the two identities. According
to the dual-track system , an office representative could be a partner of an enterprise or a shareholder of a company, and a representative office and a partnership enterprise (or a foreign-invested company)can be located at the same site.
Statistics show that there are 106 foreign-invested partnership enterprises in Yiwu with an increase of 85 from last year which is about 70 percent of the national total.
This practice has attracted the attention of the State Administration of Industry and Commerce. The dualtrack system created by Yiwu integrates the cultivation of foreign-invested partnership enterprises with the standardization of representative offices, which is valuable experience, said Cao Maling, director of the Foreign Investment Department under the State Administration of Industry and Commerce. He called for great efforts and courage to make breakthroughs in the quality and quantity of foreign-invested partnership enterprises, and considered publicizing Yiwu experience in due time.
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