Splendid Guangxi FTZ
Guangxi Zhuang autonomous region has received approval to establish one of the six new pilot free trade zones (FTZs) in China, taking opening up in border areas to a higher level, according to a strategic plan announced by the State Council on Aug 26.
1. Strategic position and development objectives
The new Guangxi FTZ aims to make full use of the unique advantages of Guangxi and ASEAN countries, contribute to the construction of the New International Land-Sea Trade Corridor in West China, as well as form an important gateway for the organic connection between the Maritime Silk Road and the Silk Road Economic Belt. The FTZ also strives to build a high-standard and high-quality free trade zone with convenient trade and investment, exemplary financial services, as well as safe and efficient supervision after three to five years of reform and exploration.
2. Implementation Scope
Covering a total implementation scope of 119.99 square kilometers, Guangxi FTZ consists of three areas: 46.8 sq km in Nanning, including 2.37 sq km of the Nanning Comprehensive Bonded Zone; 58.19 sq km in Qinzhou Port Area, including 8.81 sq km of the Qinzhou Free Trade Port Area; and 15 sq km in Chongzuo, including 1.01 sq km of the Pingxiang Integrated Free Trade Zone.
3. Main Features and Highlights
Accelerate the construction of the New International Land-Sea Trade Corridor:
Guangxi FTZ will speed up the construction of the land-sea gateway port, build the China-Inland Peninsula land gateway, establish a multimodal transport system based on sea-rail combined transport, as well as improve the integrated logistics system of land, sea, and air through the implementation of a set of innovative pilot tasks and policies.
Forging a new model of border cooperation:
Guangxi FTZ will focus on in-depth cooperation along the border areas, promote innovative reforms in the cross-border fields of trade, logistics, finance, tourism, and labor cooperation, as well as deepen mutually beneficial cooperation with neighboring countries.
Building a demonstration zone for ASEAN cooperation:
Guangxi FTZ will further expand cooperation with ASEAN countries in logistics, trade, industry, and finance, as well as effectively promote the agglomeration of open model industries and the economic integration of China and ASEAN.