Guangxi FTZ marks third year anniversary

China (Guangxi) Pilot Free Trade Zone (FTZ) marked the third year anniversary of the State Council approving its establishment on Aug 30. In the past three years, the Guangxi FTZ has made many achievements in institutional innovation, export-oriented economic agglomeration, and business environment optimization.

The Guangxi FTZ includes the Nanning area, the Qinzhou Port area, and the Chongzuo area, covering a total area of 119.99 square kilometers.

As of July 2022, a total of 76,000 enterprises have settled in the Guangxi FTZ, 20 times the number before its establishment. The Guangxi Pilot Free Trade Zone has accumulated 35.6 percent of the area's actual use of foreign capital, as well as 34 percent of the foreign trade import and export volume while covering less than 0.05 percent of the land area of the Guangxi Zhuang autonomous region. It has also attracted 57 Fortune Global 500 companies and top 500 Chinese companies.

Within the Guangxi FTZ, China-ASEAN Financial City has 352 financial institutions, 16 times the number in 2018. It introduced a pilot scheme for qualified foreign limited partners (QFLP) and launched six funds with a total scale of over $800 million. The financial innovation pilot business volume of China-Malaysia Qinzhou Industrial Park exceeded 17 billion yuan ($2.46 billion).

China-ASEAN Business Center has attracted more than 40 institutions from nine countries, including Brunei, Indonesia, and Malaysia.

Guangxi FTZ has also introduced more than 100 e-commerce platforms and enterprises. From January to July, the cross-border e-commerce import and export transaction volume reached 9.65 billion yuan, a year-on-year increase of 96 percent.

The Nanning area of the Guangxi FTZ adheres to institutional innovation as the core, accumulating 104 institutional innovation achievements.

Over the past three years, the Qinzhou Port area of the Guangxi FTZ has completed a fixed asset investment of nearly 60 billion yuan, achieving over 30 billion yuan in revenue, while its total foreign trade import and export volume exceeded 66 billion yuan. It added 32,000 new enterprise registrations in that period.

The processing industry of the Chongzuo area of the Guangxi FTZ has formed 49 enterprises above designated size, generating an output value of 2.6 billion yuan in 2021

The service scope of the New International Land-Sea Trade Corridor covers 111 stations in 59 cities in 16 provinces. In the first half of 2022, the cumulative port throughput was 83.39 million metric tons, an increase of 4.1 percent, and the container throughput was 2.41 million twenty-foot equivalent units (TEUs), an increase of 20.4 percent.