Good Potential for Investment: The Wuqing Development Area

4 min.

By Richard HoffmannECOVIS Beijing China

The Wuqing Development Area was established by the State Council in 1991. It is both the State-level Economic and Technological Development Area and State-level Hi-tech Industrial Park. Its total planned area is 93 km2 and it is located in the Wuqing District, which is the most Northwestern district of the 16 districts & counties of Tianjin and also the nearest district to Beijing. The district borders Hebei province to the North and West, Beijing Municipality to the Northwest, Baodi District to the Northeast, and Beichen District and Xiqing District to the Southeast/South. With 1.1 million residents and 1574 km2, Wuqing is one of the fastest growing regions in terms of economic development in Tianjin.

wuqing

The Wuqing Development Area enjoys location advantages and is also known as the corridor of Beijing and Tianjin. It is 25 km away from Tianjin city center, 35 km from Tianjin Binhai International Airport, 45 km from the planned Second Capital Airport, 71 km from urban Beijing, 90 km from Beijing Capital International Airport and 71 km from Tianjin New Port. An entrance to the Beijing-Tianjin-Tanggu Expressway is located in the area and there are also six expressways four railways and two state roads leading to Beijing, Shanghai, Tianjin, Baoding, Fuzhou, Shanhaiguan and Kowloon. There are expressway entrances within 15 minutes in any direction, plus it is possible to arrive in Beijing in half an hour. A railway freight station can also be found within the area.

The Port of Tianjin is the largest port in Northern China and the main maritime gateway to Beijing. Cargo from Beijing and North/Northwest China has to be loaded at the Tianjin Port to be delivered to other coastal regions of China and other countries. In 2012, the port’s cargo throughput reached 476 million tons, ranking third in China after Shanghai and Ningbo.

In addition to the remarkable location with its transportation links, the Tianjin Wuqing Development Area also enjoys many other advantages. These advantages include a beautiful environment, abundant human resources, functionally perfect supporting facilities, efficient administrative services, and preferential policies for investment projects.

Today there are about 1300 enterprises in the development area, including 23 Fortune 500 enterprises and 100 leading companies. Total investment exceeded RMB 100 billion as of today. The six leading industries in the Wuqing Development Area are electronic information, new material, machinery manufacturing, automobile and spare parts, bio-medicine and new energy. In 2009, these industries realized sales revenues of RMB 17.756 billion, accounting for 51.47% of total revenues in the area. The modern service industries, such as cultural innovation, animation & games, outsourcing services, finance, R&D incubation and trade & logistics are also developing nicely.

investment

Source: Tianjin Wuqing Development Area (http://en.tjuda.com/)

Regarding European investment, since 1991, over 100 companies from 13 European countries, such as Germany, Denmark, France, Sweden, the UK, Finland, and Italy have invested in the Wuqing Development Area and have developed successfully. By just looking at the German community, there are currently 26 German companies in the area now with more German projects underway. In order to strengthen the cooperation with European companies, the Wuqing Development Area has constructed its so called Europe Industry Park for developing European strategic new industries, modern manufacturing industries and modern service industries.

It might be a great chance for entrepreneurs to invest in this area. If you consider the Wuqing Development Area for investment, ECOVIS Beijing can help you with legal and tax advice such as choosing the right entity to engage, facilitating all necessary paper work and registrations, assisting with tax issues etc. For further information please contact us.

With contributions by Markus Mönch (ECOVIS Beijing)

Richard Hoffmann Richard Hoffmann is a Partner at ECOVIS Beijing China. Richard obtained an honor’s degree in law and worked in Germany, America and China for various prestigious law firms prior to joining ECOVIS. He has published more than fifty articles in international magazines, frequently speaks at high profile events in China and abroad and is often invited as a legal expert by international TV. Contact: richard.hoffmann@ecovis.com
Ecovis Beijing is the trusted tax and legal advisor of several embassies and official institutions in China. It specializes in mid-sized international companies and focused on tax & legal advisory, accounting and auditing. If you’re interested in finding out more about tax and legal, don’t hesitate to sign up to our Newsletter or give us a call +86 10-65616609 (ext 811/806) or contact us directly via Beijing@ecovis.com
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Lawyer in Heidelberg, Richard Hoffmann
Richard Hoffmann
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