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Sweden-based Volvo Construction Equipment is a pioneer in tapping the opportunities of the five year-old Shanghai Pilot Free Trade Zone, with the creation of the zone’s first financial leasing company.
Under preferential policies initiated in the zone, Volvo Financial Leasing (China) Co was allowed to engage in a sideline commercial factoring business relevant to its main business.
Factoring refers to a type of debt finance in which a business sells its accounts receivable to a third party, or factor, at a discount to raise cash.
As one of Volvo’s four major headquarters, Jinqiao-based Volvo Construction Equipment accounts for about a fourth of the group’s global business around the world. In the field of health care, the zone’s opportunities are also producing breakthrough results.
A drug to treat cancer has flowed to the China market quickly after its developer tapped the so-called Marketing Authorization Holder program.
The marketing authorization program was initiated in the free trade zone to enable pharma research and development groups to use contract manufacturers to produce drugs in China. Previously, those groups had to build their own production facilities or transfer the technology if they lacked the funds to do so.
In essence, a license to manufacture drugs was tied to drug approval, a system that brought low returns to developers of new drugs.
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