A key pivot in China’s Go-West campaign, the national effort to develop vast western regions, Chongqing Pilot Free Trade Zone launched on April 1 in Chongqing Municipality, marking a new milestone to accelerate opening-up in the city, even in western China.

Chongqing Pilot Free Trade Zone is launched on April 1 in Chongqing Municipality, marking a new milestone in accelerating the opening-up of western China. [Photo/liangjiang.gov.cn]

Covering a planned area of 120 square kilometers, the port zone comprises of three parts in Liangjiang New Area, Chongqing Xiyong Comprehensive Bonded Zone, and Guoyuan Port.

It is China’s first attempt to open an inland free trade zone in the western regions. And it is part of the third batch of FTZs the central government approved in August 2016.

The unveiling ceremony of China (Chongqing) Pilot Free Trade Zone has seen 60 key projects inked with a total value of 80.2 billion yuan ($11.6 billion). Further cooperation covers various industries, including high-end manufacturing, financing, international logistics, and headquarters economy.

Zhang Guoqing, mayor of Chongqing Municipality, delivered a speech during the unveiling ceremony and he noted that the new FTZ will accelerate Chongqing’s step to deep reform and expand opening up and become a junction between the Belt and Road Initiative and the Yangtze River Economic Belt.

Zhang Guoqing, mayor of Chongqing Municipality, delivers a speech during the unveiling ceremony of the China (Chongqing) Pilot Free Trade Zone. [Photo/liangjiang.gov.cn]

“I hope more and more domestic and foreign businessmen will turn their eyes to Chongqing and invest here, seizing opportunities the Chongqing Pilot Free Trade Zone brings us,” Zhang added.

The free trade zone, as a pilot zone for economic reforms, will lower the threshold for businesses to set up new companies, cut restrictions on the flow of capital, and offer more market access for foreign investment. Chongqing will built itself into an inland FTZ featuring a convenient investment and trade environment, efficient supervision, complete financial services as well as a sound legal environment for business.

Edited by Tyler Terrance Oneil