East China’s Jiangsu Province has made great strides in pioneering institutional reforms and innovative practices one year after it was established as a pilot free trade zone (FTZ), according to a press conference of the provincial government on August 18.
The Jiangsu pilot FTZ, one of six such areas approved by the State Council in last year, took the national lead to experiment with over 60 reform measures and formed 115 institutional innovation achievements, among which 20 experiences and 20 practices will be expanded in the province.
The Jiangsu pilot FTZ covers three areas in Nanjing, Suzhou, and Lianyungang, which all reported distinctive, dynamic growth. The Nanjing area had 13,000 new enterprises with a registered capital totaling 82.8 billion yuan, introduced 66 foreign-funded enterprises, and received the paid-in foreign investment of $790 million. The Suzhou area saw foreign trade of 409.168 billion yuan, became home to nearly 200 new foreign-funded enterprises, and also reported the filing of 62 overseas investment institutions. The Lianyungang area, accounting for just 0.2 percent of the city’s size, contributed to 31 percent of the total paid-in foreign investment, 17 percent of the foreign trade, and 13 percent of new market entities.
As of the end of June, the Jiangsu pilot FTZ had added 29,100 new market entities, including nearly 300 foreign-funded enterprises. In the first half of this year, the pilot FTZ actually utilized $1.47 billion in foreign investment, accounting for 12 percent of the province’s total.
The total imports and exports of the pilot FTZ reached 246.87 billion yuan, 13 percent of the total in the coastal province. Meanwhile, more efforts had been made to attract projects in new generation of information technology, biomedicine, high-end equipment manufacturing and other strategic emerging industries. The pilot FTZ reported deals of 88 important industrial projects, each worth of over $100 million, and they involved a total investment of over 150 billion yuan.
On July 23, the work leading group for the Jiangsu pilot FTZ released a new guideline to support the high-quality development, which consists of 30 tasks and initiatives in seven parts. The measures involve the granting of greater autonomy in reform, further opening up, building modern industrial powerhouse, attracting high-quality resources, and increasing coordination and organization.