Kunming Area of China (Yunnan) Pilot FTZ has accelerated trade innovation

“We will facilitate the development of Kunming Area of China (Yunnan) Pilot FTZ via institutional innovation, investment attraction, industry development, the improvement of business environment and stabilizing foreign trade and foreign investment,” Li Heliu, the director of Kunming Area of China (Yunnan) Pilot Free Trade Zone Management Committee, said. 

Li Heliu also said that to stabilize foreign trade and foreign investment based on "dual circulation" development pattern, in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement, the Kunming Area will encourage local cross-border e-commerce platforms to grow bigger. Trade innovation will be accelerated and  policies, plans and standards for international trade and cooperation will meet contemporary international standards.  

In the mean time Kunming Area has also actively applied for the temporary opening of Wangjiaying Railway port to build a rapid distribution center for import and export of  cross-border e-commerce.

From January to October this year, the total import and export volume of Kunming Area of China (Yunnan) Pilot FTZ reached 20.975 billion yuan, exceeding the target. Among them, the customs clearance of cross-border e-commerce in Kunming comprehensive bonded zone was 1.845 billion yuan, accounting for 98.8% of that of Yunnan province.

In terms of investment attraction, there are 19 newly established foreign projects in the area, with the contractual foreign capital of 500 million dollars. The actual introduction of foreign capital reached 235 million dollars, accounting for 41% in the province and 47% in the whole city. 

At present, the Kunming Area has already signed cooperation agreements with other pilot free trade zones and cooperation zones in Yunnan to encourage Yunnan Provincial Overseas Investment Co. LTD. to invest and build major projects in Laos and Myanmar. The area also Jointly held summit forum on digital economy and Financial openness and Innovation with Taobao University, and signed a cooperation agreement with it to foster business talents. 

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(Editors: Alison, Rachel)

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