Ningbo aims high in FTZ development

Ningbo has recently unveiled a comprehensive plan aimed at boosting cross-border trade and investment in the Ningbo area of the China (Zhejiang) Pilot Free Trade Zone.

The plan, released by the general office of the Ningbo Municipal People's Government, aims to significantly enhance the level of liberalization and facilitation of cross-border trade and investment in the Ningbo area by 2025.

The plan sets high targets for key indicators such as rule-making, institutional innovation, industry openness, and project promotion. These indicators are expected to reach leading levels in Zhejiang, first-class levels in the Yangtze River Delta region, and be at the forefront of all free trade zones in the country.

Improving the competitiveness of the area's open economy is one of the main objectives of the plan. It aims to surpass the provincial average growth rates of foreign trade and actual utilization of foreign capital by 3 percentage points.

The plan also emphasizes the promotion of the area's influence as a platform for opening up. The Ningbo Free Trade Zone seeks to maintain its position among the top 10 nationwide. Furthermore, the Beilun Port Comprehensive Bonded Zone and Meishan Comprehensive Bonded Zone are expected to achieve an A-level performance evaluation. Efforts will also be made to secure a spot among the top 10 in the country for Ningbo Economic and Technological Development Zone.

In addition, the plan aims to foster innovation in systems for opening up. It seeks to develop three nationally replicable reform practices and select over 20 innovative reform cases as provincial models.

Ningbo is striving to become one of the world's top 100 financial centers, while also elevating the business environment in the Ningbo area to the forefront of the nation.