Things have gone exceptionally well for the Xiamen Area of the China (Fujian) Pilot Free Trade Zone – located in the port city of Xiamen, in East China's Fujian – as highlighted in a recently released review on its development since its establishment on April 21, 2015.
Over the past eight years, the Xiamen FTZ has launched 553 innovative practices, including 126 national initiatives. What's more, a group of its innovations has proudly been promoted nationwide, accounting for 21 percent of the nation's total of 143 that were so promoted.
The Xiamen Area of the China (Fujian) Pilot Free Trade Zone has grown into a beacon for the wider city's reform, innovation and opening up. [Photo by Chen Bo/people.cn]
Statistics showed that during the 2015 to 2022 period, GDP, total imports and exports, as well as tax revenue generated by the zone increased by 13.7 percent, 21.2 percent and 14.6 percent annually.
A total of 48,815 new enterprises were registered there during the period, including 2,287 foreign-funded ones.
The Xiamen FTZ is widely understood to be fully committed to creating a first-class market-oriented and law-based international business ecosystem. Thanks to its reform measures, its national business environment ranking rose from 61st in 2015 to 15th in 2020.
Consistent efforts have been made to deepen reforms and innovation, promote the zone's expansion and improvement, as well as its construction of bonded areas.
The FTZ is focused on ramping up its opening up and cooperation with all sorts of parties, building itself as a two-way investment and cooperation platform – and to become a bridgehead connecting domestic and international trade.
A container ship loads up at a Xiamen FTZ terminal. [Photo provided by Xiamen FTZ]
With its geographical advantage of being close to Taiwan, the Xiamen FTZ has stepped up cross-Strait integrated development by building a cross-Strait youth innovation and entrepreneurship base – and has in addition set up cross-Strait maritime express pilot areas.
An innovative management system – for imported foods, cosmetics and other commodities from Taiwan to the mainland – has led to consignments of imported food from Taiwan via Xiamen Port to account for more than 50 percent of the mainland's total.
A raft of innovative policies and measures – in finance, customs, logistics, cross-border e-commerce and other areas – are known to be making great contributions to the zone's high-quality growth.
The Haicang bonded port area is very busy these days. That's especially after it was upgraded as a comprehensive bonded zone. [Photo by Chen Bo/people.cn]
In addition, the zone has improved its commercial system and administrative system, as well as explored new ways to build a transparent and efficient legal system.
It has set up a digital free trade zone and is speeding up the construction of the Maritime Silk Road Central Legal District, in a bid to better facilitate trade and investment.