By Yuling Chen, EDITOR

The State Council, China’s cabinet, has approved seven Free Trade Zones (FTZs) in Chongqing Municipality as well as the provinces of Liaoning, Zhejiang, Henan, Hubei, Sichuan and Shaanxi, according to an official statement in 2017.

Compared with the six others, Chongqing FTZ has shown impressive achievements in innovation.

Chongqing has taken the initiative to produce some innovative results that can be replicated and spread nationwide by tapping the potential of China’s reform and opening up.

The ripples of reform brought about by the establishment of these trade zones are being felt all over China. Moreover, Chongqing is reaping these benefits in sectors such as trade, port, shipping logistics, real estate and finance.

China Railway Express to Europe is put into operation.

Reform and Opening-up

This year marks the 40th anniversary of China’s reform and opening-up. Chongqing FTZ is tasked with further opening-up and reversed pressure transmission from a higher-level opening-up to institutional reform.

Since its unveiling ceremony, Chongqing FTZ serves as a pivot in Western Development Strategy and the intersection of the Belt & Road Initiative and the Yangtze River Economic Belt Strategy.

The Reform Dividend

Chongqing FTZ goes hand in hand with China’s extensive opening-up and the Belt and Road Initiative.

The rapid development of high-end manufacturing and modern services in central and western China has laid a solid foundation for an industrial upgrade in this region and promoted local economic development. More investment opportunities that have resulted from the institutional innovation of “negative list” can be found in high-end manufacturing and modern services.

Innovation Cases

As for innovative cases related with China Railway Express to Europe, Chongqing has explored the new and efficient model of multi-modal transport operation and the new model of intelligent customs clearance for mail transportation through international railway, has optimized the supervision method for the domestic route of China Railway Express, and has innovated containerization transportation of commercial vehicles as well as new logistics technology.

In financial area, Chongqing FTZ has explored and implemented a new finance model through knowledge, value and credit and record accessing for financial institutions and senior executives.