|The Jinyi Area of the Free Trade Zone|
Two achievements in the Jinyi Area have been selected among the fifth batch of “Top Ten” achievements in Zhejiang Pilot Free Trade Zone (FTZ). So far, 11 projects from Jinhua, including financial courts and e-commerce platform credit supervision systems, have been selected into landmark achievements in the construction of the Zhejiang FTZ.
Since the establishment of the Jinyi Area of the Pilot Free Trade Zone in September 2020, the free trade work has been proceeding in an organized and orderly manner. The Jinyi Area closely focuses on the goal of building the “small commodities capital” of the world. It aims at accelerating the construction of trade supervision, promotion, and power systems, as well as a business environment regulation system. Furthermore, the Jinyi Area is using institutional innovation, opening up, and the release of dividends to build the pilot FTZ into an area with the most distinctive background of opening up, the most prominent industrial advantages, the most active market players, and the strongest innovation momentum to inject strong impetus into regional economic and social development.
In the first six months in 2021, the Jinyi Area contributed 16% of the province’s foreign trade import and export volume in the free trade zone. From January to June, the Jinyi Area saw foreign trade imports and exports of 77.87 bn RMB, accounting for 30% of the city’s total imports and exports. Among them, exports were 59.83 bn RMB and imports were 18.05 bn RMB. In the same period, 12,843 new enterprises sprang up in the Jinyi Area, an increase of 239% year-on-year. The annual target has been exceeded ahead of schedule, and the total number of enterprises in the zone has reached 44,500. Since the beginning of this year, the import and export volume of bulk commodities has reached 1.47 bn US dollars, a year-on-year increase of 30.4 times. Transactions in six categories, including electrolytic copper, cotton yarn, and pulp, are expected to exceed 3 bn US dollars this year.
In view of the current situation of trade surplus, the Jinyi Area has adopted the method of accelerating the development of new forms of import and re-export trade; in view of the problems of inefficient logistics, low time efficiency, high cost, and difficulty in booking space, the Jinyi Area created a whole export channel including “sea, land and air.” In the first half year of 2021, the China Railway Express (CRE) has run 1,200 times, and special lines such as “CMA CGM” and “Maison Clippers” have opened, too. In response to the difficulties of cross-border e-commerce settlement and the unsafe return of foreign trade funds, the Jinyi area relied on the Chinagoods trade service platform, a new program called “Dai Kuan Bao” was launched, and the cross-border e-commerce collection and settlement of foreign exchange was carried out in the “system direct connection” model. In addition, three tasks—the digital management of export tax rebate document filing in the Jinyi area, the CRE dual platform for trains, and the free trade zone data integration platform—were selected as the first batch of “Top Ten Cases of Institutional Innovation” in the Zhejiang Free Trade Zone.
Next, the Jinyi Area will focus on the “window,” “experiment,” and “demonstration” functions of the Zhejiang Pilot FTZ, to promote the integration of the construction of the Jinyi Area with the construction of a strong maritime province and the development of the Yiwu-Ningbo-Zhoushan Corridor, focusing on the professional market construction of import trading system and bulk commodities. It will continue to focus on small commodity trade; accelerate the construction of a trillion-level small commodity trade hub, a billion-ton-level inland international logistics hub, and a 100-billion-level core optoelectronic advanced manufacturing hub; and create a demonstration zone for the integration of domestic and foreign trade. (By Luo Yi, translated by Jiang Yifan, edited by Kendra Fiddler)