Chongqing - To bolster open economic development, the Western (Chongqing) Science City and the Chongqing Customs District inked a framework agreement on January 11, including establishing an international logistics hub in inland China, transforming and developing the science city's foreign trade sector, and bolstering its biomedical industry. 

Involving 11 specific collaborative measures, this agreement is set to rapidly advance the New International Land-sea Trade Corridor (ILSTC) and promote open economic high-quality development. 

The agreement emphasizes pioneering innovative initiatives within the science city, which includes welcoming foreign investments and trade projects and conducting foreign trade analyses and research in these areas.

To back these innovative efforts, both parties will collaborate to introduce and implement supportive policies and create new regulatory models. 

The Western (Chongqing) Science City and the Chongqing Customs District inked a framework agreement on January 11. (Photo/He Chao)

Additionally, the agreement supports designating the science city as a pilot area for customs policies. They will also promote the bonded display and sale of imported goods in key commercial areas like the Jinfeng City Center. 

A Western (Chongqing) Science City representative said this agreement marks a significant step forward. Both parties will use this opportunity to strengthen their collaboration, aiming to promote the Chengdu-Chongqing economic circle, the ILSTC, and other national strategies, driving towards higher levels of openness and quality development for Chongqing. 

The science city is a major initiative that serves the needs of national innovation, an inherent requirement of promoting high-quality development and creating a high-quality life, and an urgent need to make up for the shortcomings of Chongqing's innovation development. Promoting the construction of the Chengdu-Chongqing economic circle is also of great significance.