The Qiantang section of the Hangzhou area of the China (Zhejiang) Pilot Free Trade Zone. [Photo/zjol.com.cn]
The China (Zhejiang) Pilot Free Trade Zone on March 30 honored the innovative management measures taken by its Hangzhou Area as significant achievements, local media outlets reported.
The area's Qiantang section has integrated imports with retail processing to help raw materials imported from overseas obtain faster customs clearance, be directly processed in the FTZ, and be delivered to consumers across the country the next day.
This new system has helped PT Swift, a brand of edible bird's nest, import raw cubilose from Malaysia, have it freshly stewed and processed in the FTZ, and generate 35 million yuan ($5.32 million) in sales revenue.
The Binjiang section worked out a system to help science and technology companies enhance their credit, helping them attract innovative resources to solve their financing difficulties. The section has compiled a list of startups that haven't received qualification certification but are innovative and growing quickly.
The system is now benefiting 5,036 companies, which can enjoy six financial products with a total credit line of 150 million yuan.
Statistics show that the Zhejiang FTZ welcomed over 28,000 new companies in 2020. That same year, its imports and exports reached 480 billion yuan and foreign capital in actual use approached $1.2 billion, accounting for 14 percent and 8 percent of Zhejiang's foreign trade and foreign investment, respectively.
The Binjiang section of the Hangzhou area of China (Zhejiang) Pilot Free Trade Zone. [Photo/zjol.com.cn]