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Xinhua Silk Road: China’s Chongqing FTZ, magnet for foreign investment amid opening-up

IMMEDIAPRESSXinhua Silk Road: China's Chongqing FTZ, magnet for foreign investment amid opening-up

(Adnkronos) – BEIJING, April 1, 2022 /PRNewswire/ — Five years on, the China (Chongqing) Pilot Free Trade Zone (Chongqing FTZ) in southwest China’s Chongqing Municipality has seen practical and innovative achievements of opening-up, according to Li Xunfu, an official with Chongqing Municipal Commission of Commerce at a press conference held on Thursday marking the five-year anniversary of the FTZ’s establishment. 

Focusing on the opening-up of its advantageous industries including electronic information, intelligent equipment, biological medicine and logistics services, the Chongqing FTZ has made continuous efforts to strengthen industrial chains development. 

The Xiyong sector of the FTZ has attracted over 20 renowned chips manufacturers such as Intel, SK Hynix, United Microelectronics Center and China Resources Microelectronics Limited, striving to forge an important R&D and manufacturing base of semiconductor and integrated circuit. 

Supported by five major car manufacturers including Changan Auto, Beijing Hyundai, Jinkang New Energy Automobile Co., Ltd., Ruichi Automobiles and SAIC-GM-Wuling Automobile, the FTZ’s Jiangbei sector has introduced over 80 world famous auto parts producers, with an integrated automobile industry chain taking shape. 

The Jiulongpo sector of the Chongqing FTZ has developed full-stage aluminum deep processing service covering material preparation, processing, manufacturing and application. The Shapingba sector has formed three service systems each featuring global trade, railway logistics and supply chain finance. 

In terms of building up R&D capacity, the FTZ’s Liangjiang New Area sector has established 19 R&D platforms of national level and 378 of municipal level. The Xiyong sector is now home to a national-level manufacturing innovation center, 21 municipal-level laboratories and innovation centers, 128 enterprises featuring R&D, five new R&D institutions and 34 high-tech firms. 

In addition, the Chongqing FTZ has been continuously optimizing business environment through promotion of online customs service and trade facilitation measures centering on building of single-window system. The FTZ has attracted over 35 percent of Chongqing’s foreign direct investment in the past five years, contributing around 70 percent of the city’s foreign trade volume. 

Established on April 1, 2017, the Chongqing FTZ has a total land area of 119.98 square kilometers covering nine sectors of Liangjiang New Area, Yuzhong, Jiangbei, Shapingba, Jiulongpo, Nan’an, Beibei, Yubei and Xiyong. 

Original link: https://en.imsilkroad.com/p/327147.html

Photo – https://mma.prnewswire.com/media/1778468/Chongqing.jpg   




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