Cross-border free trade zone to be upgraded soon
The Futian Free Trade Zone will be upgraded soon in order to be repositioned as a key driver of the economic zone along the Shenzhen River, the Huanggang Checkpoint area and the Lok Ma Chau Loop area.
With the development of the three areas, the Shenzhen River economic zone is expected to play a larger role in the strategic development of the GuangdongHong Kong-Macao Greater Bay Area.
That’s according to the Shenzhen Economy, Trade and Information Commission, which made the remarks recently.
The Futian FTZ accounted for 14 percent of the total foreign trade volume generated in Shenzhen, Guangdong province last year, although the industrial park only covers a small part of the city.
The area also received total fixed asset investment of 1.58 billion yuan ($236.93 million) last year, ranking high among the 16 key areas of the city.
In particular, manufacturing industries have been growing in the Futian FTZ in recent years.
The value generated by advanced manufacturing industries settled in the area made up 99.4 percent of the total industrial output in 2016.
Currently, all of the national cross-border e-commerce policies have been implemented in the Futian FTZ.
The economy, trade and information commission said they are collaborating with customs to speed up the renovation and construction of supervising facilities there.
In a bid to bring more appropriate upgrades to the FTZ.
The authority has conducted a large amount of research and discussed possible solutions.
The city’s “Two Sessions” — the local people’s congress and the political consultative conference, gathering lawmaking and political advisory bodies — was held earlier this year.
During the meetings, Lin Chongshun, a deputy of the Shenzhen People’s Congress, proposed that Shenzhen speed up the upgrading of the Futian FTZ so as to catch up with the fast-changing economic trends in the area.
To make the work more efficient, Lin suggested that the city government authorize the Futian district government to take over the project while providing guidance and help.
The economy, trade and information commission responded to the proposal by authorizing all districts and new areas in Shenzhen to implement urban renovation work.
The commission stated that FTZ faces the challenge to better use the limited land and abundant urban renovation work in later stages.
In particular, the commission elaborated that it would be responsible for the FTZ’s development of industries, while the district government would take over the responsibilities of urban and social management.
In the recent announcement, the commission also disclosed that it is now taking further steps to explore the development of a larger area that combines the Futian FTZ, the Huanggang Checkpoint area and the Lok Ma Chau Loop area, aiming to actively join up the national development strategy for the Greater Bay Area.
Experiences in the Qianhai and Shekou Area of the China (Guangdong) Pilot Free Trade Zone will be studied and referenced in the upgrading of the Futian FTZ, according to the commission.
Shenzhen Daily provided the story.