Pilot zone to boost global investment and trade

A new highland for opening-up, the China (Hunan) Pilot Free Trade Zone has focused on building a world-class advanced manufacturing cluster, connecting to the Yangtze River Economic Belt and boosting international investment and trade in the Guangdong-Hong Kong-Macao Greater Bay Area.

At the end of July, the Hunan FTZ formed the first batch of 47 institutional innovation achievements, including 23 national-first achievements.

To create a market-oriented, legal and internationalized investment environment, the Hunan FTZ introduces reform measures such as new customized taxpayer services to standardize enterprise-related inspections, "one certificate for one business" licensing as well as online investment management services.

The number of newly established enterprises exceeded 20,391, and 237 major projects of more than 200 million yuan ($27.78 million) were introduced, with a total investment of 352.5 billion yuan.

It also improved the efficiency of port customs clearance, and has promoted foreign trade.

The total import and export volume reached more than $306 billion, accounting for 28.3 percent of the whole province. The FTZ has explored the development of intellectual property pledge financing with 52 patents and helped enterprises obtain loans of 32.2 million yuan. It is speeding up the development of cross-border renminbi business and conducting the listing and trading of five African currencies, including the Kenyan shilling and the Nigerian naira. The Hunan FTZ has helped the intelligent transformation of advanced manufacturing through cooperation in resources, the implementation of precision equipment and the standardization of evaluation systems.