FTZ helping spur coordinated growth

China (Tianjin) Pilot Free Trade Zone vows to enhance its initiatives to align with global trade standards and promote the coordinated development among Beijing, Tianjin, and Hebei province, said Tianjin's Vice-Mayor Li Wenhai.

"These efforts are expected to strengthen the new quality productive forces and solidify the FTZ's prominent position in leasing, factoring sectors, cross-border e-commerce and offshore trade," Li said during a recent news conference marking the FTZ's 10-year anniversary.

Wang Libing, vice-director of Tianjin Customs, said: "The city's Customs will play a crucial role in container shipments and streamline clearance processes through cutting-edge smart technologies. Tailored services will facilitate more cross-border transactions, and 24 new policies will facilitate the swift entry of imported fruits into Beijing, Tianjin and Hebei province. Collaborative development among the FTZs in the region (Beijing, Tianjin and Hebei province) in terms of supervision is currently underway."

The Tianjin Branch of the People's Bank of China and the Tianjin Maritime Safety Administration also vowed to enact new policies to boost FTZs in the region.

Over the past decade, a total of 49 innovative models among all of 686 models launched in Tianjin have been promoted to other FTZs.

Li said, "We have expanded the use of free-trade accounts, amassing funds nearing 35 billion yuan ($4.8 billion) in a fully operational cross-border renminbi fund pool, with a business scale exceeding 1.1 trillion yuan."

The innovative oil and gas trading center model has yielded significant results, with transaction volume surpassing 10 billion yuan. Further innovative initiatives to enhance FT accounts are underway.

Similar to the Tianjin FTZ, Shanghai's Pudong New Area recently introduced 14 new measures to bolster efforts to attract foreign investment, contributing to increased reform and opening-up endeavors.

China recently issued opinions aimed at enhancing the strategy for implementing pilot free trade zones, focusing on approximately five years of pioneering and integrated exploration.

The document underscores the comprehensive improvement in institutional openness, the effectiveness of systematic reforms and the overall quality of an open economy within the FTZs.

In 2024, the Tianjin Magnetic Resonance Base in Binhai New Area was designated as the headquarters for GE Healthcare's magnetic resonance division in the Eastern Hemisphere.

Chen Heqiang, vice-president of GE Healthcare China, said, "The Tianjin FTZ has continuously driven profound integration of institutional, technological and industrial innovations, presenting significant development opportunities."