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Economy

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SW China's Chongqing sees remarkable results in FTZ construction in 2018

March 14, 2019


Abstract : Chongqing, a municipality in southwest China, has achieved great results in the construction of its pilot free trade zone (FTZ) in 2018.

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BEIJING, March 14 (Xinhua) -- Chongqing, a municipality in southwest China, has achieved great results in the construction of its pilot free trade zone (FTZ) in 2018.

According to Chongqing Municipal Commitee of Commerce, as of the end of 2018, 129 pilot reform tasks had been carried out in Chongqing FTZ, accounting for 85.4 percent of the total reform tasks completed in Chongqing.

Meanwhile, during the exploration, the FTZ has formed 13 typical innovation cases, six of which are the first of its kind nationwide, and reaped 34 institutional innovation results, 11 of which are the first of its kind nationwide.

Besides, as of the end of 2018, the newly-registered companies in the FTZ reached 22,054 with registered capital totaling 231.768 billion yuan. So far, 1,677 projects were settled in the FTZ with contracts or agreements signed valuing 526.935 billion yuan.

China's three Internet giants, namely Baidu, Alibaba and Tencent, settled in the FTZ successively, and iconic projects such as SenseTime artificial intelligence project and Tigo memory production base were implemented in succession.

Business environment in the FTZ has also been improved. For example, the time for business registration has been shortened from 20 working days to as fast as 3 hours, and the customs clearance time has been cut by one third.

According to a report, the city's business environment ranked fifth nationwide in 2018. (Edited by Gu Shanshan)


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