The recent report from the Guangxi government revealed significant progress in the China (Guangxi) Pilot Free Trade Zone (FTZ). The FTZ has introduced a series of institutional innovations, continuously improved the investment environment, enhanced trade facilitation, and steadily promoted financial openness and innovation, accelerating cooperation with ASEAN and supporting the Belt and Road Initiative.

Currently, the FTZ has achieved numerous institutional innovations, fully implementing 120 pilot tasks assigned by the government, with over 200 regional-level innovations, including 76 national firsts.

Noteworthy advancements include a mechanism for resolving foreign-related civil and commercial disputes, establishing the first national mediation center, and enhancing standard exchange cooperation with eight ASEAN countries.

The FTZ has also seen improvements in trade facilitation, pioneering rapid customs clearance reforms and innovative border trade development models.

It has introduced various transportation methods to support import trade, leading to stable growth in trade volumes. The report recommends further enhancing institutional innovation, focusing on the digital economy, ASEAN cooperation, and service trade reforms while fostering strategic emerging industries.

The aerial shot of China (Guangxi) Pilot Free Trade Zone. [Photo/WeChat account: gh_df8bc987e060]