News in Briefs

Yesmy gets offshore

RMB investment

Yesmy (Shanghai) Commerce & Trading Co has won approval from Jiading government, allowing it to receive RMB as capital injections from its investor, Yesmy Limited with their legally obtained RMB. This is the first case approved in Jiading since last November, when the Shanghai Commission of Commerce introduced the regulation about direct investment projects using offshore RMB. Under the existing foreign exchange management policy, foreign investors have to remit convertible currencies from abroad as registered capital. Now with the new policy, offshore RMB can be directly invested in the Chinese mainland, providing convenience to the foreign investors by omitting currency exchange settlement.

Major expansion for

S5 Expressway

Major upgrade was kicked off on February 7 for the S5 (Shanghai-Jiading) Expressway, which will be converted into a two-way highway with six lanes. The first phase of the project to be finished in June will remove the toll stations in Nanxiang and Malu. In phase two, the main roads and bridges will be expanded to six lanes in two directions.

Creative zone clinches honorary title

Creative Industry Base of CRTVAD in Jiading Industrial Zone is one of the 37 industrial parks to have received the honorary title as a Municipal Cultural Industry Park. At present, the base is home to more than 1,600 companies, and had a total operating revenue over 1 billion yuan (US$158.6 million) in 2011, with a yearly tax contribution of 110 million yuan. The base is among the best in the city’s 52 cultural industry parks.