WEDZ area receives establishment approval

An aerial photo of the Comprehensive Bonded Zone and Port Logistics Park in WEDZ. [Photo provided to en.whkfq.gov.cn]

The Hubei government recently approved the establishment of the Wuhan Economic & Technological Development Zone (WEDZ) area in the Coordinated Innovation Development Zone, which is located in the China (Hubei) Pilot Free Trade Zone.

The WEDZ area will cover an area of 31.39 square kilometers, and will encompass WEDZ's Comprehensive Bonded Zone and Port Logistics Park, its Smart Manufacturing Industrial Park, and an Intelligent Connected and Electric Vehicle Industrial Park. The planned layout of the area includes five functional zones for new energy vehicle (NEV) exports, old automotive parts import processing and quality identification, the integrated development of domestic and foreign trade, port logistics, and institutional pioneering.

WEDZ is a national-level economic and technological development zone, and it is home to the first batch of export processing zones in Central China. In recent years, WEDZ has attracted over 470 foreign-funded enterprises from Germany, France, the United States, Japan, and other countries.

Over the last three years, WEDZ has achieved a total import and export volume of 110.2 billion yuan ($15.35 billion). It has had an average annual growth rate of 18.3 percent, and has utilized foreign investments totaling $1.49 billion.

The WEDZ area has plans to align with international trade rules, increase investment attraction in core components and the international supply chain, and expand the business of NEVs. It also strives to increase second-hand car exports, establish a vehicle export base, and accelerate the development of new foreign trade formats.