PRN: Horgas Aims to Attract More Capital Flows from Eurasia
Horgas Aims to Attract More Capital Flows from Eurasia [22-August-2011] HORGAS, Xinjiang, China, August 23, 2011 /PRNewswire/ -- Preferential Policies Concerning China's Westward Opening Create New Special Zone The China-Kazakhstan Horgas International Border Cooperation Center Administration Committee held a press conference for a series of local exhibition tours in Yilin city on 22 August.
Horgas Aims to Attract More Capital Flows from Eurasia
HORGAS, Xinjiang, China, August 23, 2011 /PRNewswire/ --
Preferential Policies Concerning China's Westward Opening Create New Special Zone
The China-Kazakhstan Horgas International Border Cooperation Center Administration Committee held a press conference for a series of local exhibition tours in Yilin city on 22 August. Government officials and business executives present at the conference included Zhang Junfei, Deputy Secretary-General of Yili Kazak Autonomous Prefecture Government, Liu Jianlin, Member of CPC Committee and Deputy Director of the Administration Committee and Chen Jie, Director of Investment Promotion Center of the Administration Committee and Vice Chairman of Horgas Goudgans Real Estate. Tang Biaoheng, Executive Director of Goudgans China, Acting Chairman of Horgas Goudgans Real Estate and one of representatives from the local business community, gave a presentation of the cities and details concerning the local exhibition tours to be held between 22 August and 31 October. Horgas Goudgans Real Estate is the organizer of the exhibition tours.
According to preferential policies put in place by the Chinese government, after the Horgas International Border Cooperation Center is officially open for business, goods transported into the zone and support facilities of the Center will be processed based on customs clearing procedure for exported products and any taxes paid will be refunded. Tourists who enter the Chinese zone in the Center will each be allowed to carry on their persons duty-free goods worth up to RMB8,000 (approx. US$1,230) per day. In addition, citizens of both countries will be able to stay at the Center for up to thirty days without need of a visa.
Tang Biaoheng said that the company has appointed its subsidiary Milestone Capital to design and build a comprehensive financial services system for the Horgas Goudgans International Trade Mart in a move to boost the development of border trade. The financial services envisioned by the system include petty loans to allow small and medium-sized businesses to engage in international trading, financing guarantees for small and medium-sized businesses as well as logistics, warehousing and international settlement finance, all of which are meant to fill the gap in the import-export trade finance services in the zone. Any merchant in the Mart will automatically become a member of the Horgas Goudgans International Trade Mart credit alliance system and will be entitled to all the financial services provided by the Mart.
Furthermore, Milestone Capital will partner with a domestic commercial bank to launch the "Horgas Goudgans Border Trade Development Fund", a fund that will provide strong capital support for the Center and surrounding border trade supporting facilities as well as for the development of an infrastructure to support the financial services and RMB settlement services and service systems.