The Guangdong Free Trade Zone (FTZ) is celebrating its ninth anniversary with a remarkable surge in foreign trade, which has increased by 11.9% year-on-year, reaching a staggering 658.4 billion yuan within the last year, along with a key set of figures released at a recent press conference.
This economic leap not only positions the Guangdong FTZ as a formidable global trade hub, but also underscores its success in creating a dynamic environment for international business.
The growth can be attributed to the influx of new enterprises, with 27,000 establishments contributing to an 8.3% rise in business activities. With a significant amount of capital from Hong Kong and Macao and the establishment of over 26,000 enterprises, the zones have also become a magnet for foreign investment, accounting for more than 90% of the total foreign capital utilized in the region.
Innovative financial mechanisms such as cross-border payments and insurance have been pivotal in facilitating economic transactions and enhancing regional financial connectivity. A significant portion of this growth is due to actual foreign investment, which has captured 20% of the province's total, amassing 3.3 billion USD. This influx of capital has been a driving force behind the Guangdong FTZ's expansion and its ability to attract and retain global businesses.
The Guangdong FTZ's commitment to trade facilitation is evident in the innovative customs clearance measures implemented, such as "intelligent image review" and non-intrusive inspections. These advancements have expedited the process for fresh, perishable goods, significantly reducing clearance times for businesses. The initiative to promote "two-segment access" and "two-step declaration" models has further streamlined the import and export procedures, enhancing the overall trade experience.
International transportation is also developing. Xie Xiaohui, the Vice-Chairman of the Nansha CPPCC, told GDToday that the Nansha port's global connectivity is further demonstrated by the 161 international container routes launched, securing its position as the 9th busiest container port in the world. This infrastructure advancement is crucial for the Guangdong FTZ's international trade and supply chain integration, as well as culture and tourism development.
Professionals from abroad have also found the Guangdong FTZ to be increasingly accommodating, with 146 types of overseas professional qualification certificates being recognized, easing the employment process for foreign experts. This, coupled with the streamlined cross-border practice regulations in areas like Nansha, Qianhai, and Hengqin, has created a more accessible and flexible professional environment.
The Guangdong FTZ's business environment has been further enhanced through the issuance of 6,088 visas, a 220% increase year-on-year, reflecting the region's efforts to attract international talent and facilitate business travel.
Reporter | Chua
Photo | Chua
Editor | Nan, Abby, James
