Chongqing - In a recent collaborative endeavor, Southwest China's Sichuan and Chongqing jointly unveiled an action plan to enhance the reform and innovation within the Sichuan-Chongqing Pilot Free Trade Zone, a model opening area. The two regions are committed to building a new beacon for reform and opening up, propelled by a series of pilot and coordinated reforms.
A picture comparing bird views of Sichuan and Chongqing. (iChongqing file photo)
The action plan stipulates that by 2025, the Pilot Free Trade Zone will establish an open system in line with advanced international economic norms. The goal is to nurture a collection of global cooperation platforms and develop several industry clusters characteristic of Sichuan and Chongqing, as outlined by an official with the Chongqing Municipal Commission of Commerce.
Sichuan and Chongqing will continuously promote the integration of Customs and Banks-KEY and the convenient supervision model for equipment and spare parts within the comprehensive bonded zone to boost trade investment.
In financial services, the two regions will pilot a series of programs, including facilitating the settlement of trade investment in RMB, integrating foreign and domestic currency fund pool operations for multinational corporate groups, accommodating qualified foreign limited partners, and exploring cross-border commercial factoring services.
To optimize efficient global logistics, the China Rail Express (Chengdu-Chongqing) will continue to serve as a linchpin in the Belt and Road initiative. Simultaneously, the International Land-Sea Trade Corridor (ILSTC) efficiency will be further enhanced.
Additionally, Sichuan and Chongqing are committed to implementing an inland international trade rules system centered around railway transport documents.
The Sichuan-Chongqing Pilot Free Trade Zone aims to revolutionize manufacturing industry cooperation. The automotive industry, for instance, will focus on new energy vehicles and intelligent network-connected vehicles. This initiative will encourage collaboration between automotive companies, universities, and research institutes in manufacturing research and development, thus further expanding the automobile industry cluster.
Regarding the digital economy, both regions will jointly drive the construction of the western China data trading center, the western China digital asset trading center, and the Sichuan-Chongqing national hub node of the national integrated computing power network. They will also work on expanding the coverage and service level of the China-Singapore (Chongqing) Dedicated Channel on International Internet Data and the Chengdu International Internet Data Channel.
The high-tech industry will concentrate on new drug R&D, digital medical devices, and cutting-edge life science technologies. They aim to establish a national-level digital trade base and a national inspection and testing high-tech service industry cluster.
Moreover, they will cultivate international consumption trends such as duty-free retail and high-end exhibition development to cater to global consumers.
Efforts will be made across multiple dimensions to create a high-standard, international business environment and build a new beacon for reform and opening up in the new era.
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