An aerial view of Xiamen Port. [Photo/WeChat account of Xiamen Free Trade Zone]
Over the past decade, China has actively explored and continuously made new breakthroughs in its free trade zone construction, despite of the ever-changing internal and external environment.
To date, China has summarized and refined seven sets of reform experiences and four sets of best practice cases from the advanced experiences in its free trade zone exploration, promoting a total of 302 institutional innovation results nationwide.
For example, over 80 percent of Xiamen's aircraft maintenance business involves overseas aircraft, which ranks among the top nationwide in terms of volume and a high degree of participation in international divisions of labor.
In response to this, the Xiamen Free Trade Zone conducted a comprehensive review of all aspects involved in aircraft maintenance and the necessary supporting policies.
Through the implementation of integrated management models for "repair items + bonded warehouses", reducing tariff rates on aviation materials, and other measures, customs clearance procedures have been simplified and business costs have been reduced.
A view of an aircraft maintenance center in Xiamen. [Photo/WeChat account of Xiamen Free Trade Zone]