China's Yunnan FTZ vows to enhance industrial development

Authorities in southwest China's Yunnan Province recently released a five-year industrial development plan for Yunnan Pilot Free Trade Zone (FTZ), vowing to promote high-quality industrial development of the FTZ, reported Yunnan Daily Thursday.

According to the plan, Yunnan FTZ is expected to double its business revenue by 2025 based on the figure of the end of 2020, and significantly increase its trade volume with trading partners in Southeast Asian countries such as Myanmar and Vietnam.

Relying on international cooperation mechanisms, such as the Bangladesh-China-India-Myanmar Economic Corridor (BCIM), Yunnan FTZ will promote the opening-up through institutional innovation to strengthen its global competitiveness.

Meanwhile, the FTZ will make efforts to actively participate in the construction of the Belt and Road (B&R), the New International Land-Sea Trade Corridor in western China, and the Yangtze River Economic Belt, and strive to develop into a new international platform for open cooperation for industries in South and Southeast Asia.

Yunnan FTZ vows to build a free trade policy system focusing on free trade facilitation and investment facilitation by 2035, and its comprehensive industrial competitiveness is expected to reach the top among China's pilot free trade zones.

Yunan FTZ will also prioritize the development of Yunnan's local economic circle to South and Southeast Asian countries and regions, to form a new pattern of international industrial space.

While deepening industrial system innovation, the FTZ will develop ten major industrial projects, such as market access facilitation project, trade and customs clearance facilitation project.