Visitors walk past the exhibition booth of the China (Guangxi) Pilot Free Trade Zone during the 19th China-ASEAN Expo in Nanning, Guangxi Zhuang autonomous region, on Sept 18. PENG HUAN/FOR CHINA DAILY
NANNING: With China supporting its pilot free trade zones to play a bigger role in facilitating its opening-up and high-quality industrial growth, the China (Guangxi) Pilot Free Trade Zone (FTZ) has embarked on a mission to establish itself as a pivotal nexus, advancing closer economic and trade connections with other member economies of the Regional Comprehensive Economic Partnership (RCEP).
Located in South China’s Guangxi Zhuang autonomous region, the Guangxi FTZ will implement a strategic upgrade of its three areas — Nanning, Qinzhou Port and Chongzuo.
It will enhance institutional mechanisms, and optimise and solidify cross-border trade to increase both volume and quality, said government officials.
Guangxi FTZ is set to advance 10 significant initiatives. These include cross-border financial integration, and the facilitation of fast and convenient cross-border transportation, according to the regional government.
The government said that the ultimate goal is to create a central zone that streamlines market operations for both domestic and international cycles, with a focus on markets within Asean and the RCEP.
Established in August 2019, Guangxi FTZ has attracted cumulative foreign investment of US$1.57bil and achieved a total import and export volume of US$113.4bil over the past four years.
This has been accomplished with less than 0.05% of the region’s total land area, or 119.99 square kms, contributing to 39.4% of Guangxi’s foreign investment and 37.1% of its foreign trade during the same period.
“We will continue to leverage reforms and innovations to drive industrial clustering, with a focus on three distinctive features – targeting the Asean market, serving the New International Land-Sea Trade Corridor, and promoting open development along the border,” said Sui Guohua, vice-chairperson of Guangxi’s regional government. — China Daily/ANN
