On November 1, 2023, the Xinjiang Pilot Free Trade Zone (FTZ) was officially inaugurated in Urumqi, marking a significant milestone for China's first FTZ in the northwestern frontier. This development represents a major advancement in China's efforts towards high-level opening-up and high-quality development. Strategically proposed by the Central Committee of the Communist Party of China and the State Council, the FTZ aims to stimulate regional economic growth by liberalizing and facilitating trade and investment.
Located at the heart of the Eurasian Continental Bridge and rich in resources, the Xinjiang FTZ is designed to enhance the region's economic vitality and boost its international competitiveness. With Urumqi serving as the central hub, the zone seeks to attract foreign investors from Central Asia, fostering a dynamic regional economic circle that extends its influence to neighboring countries and regions.
The establishment of the Xinjiang Pilot FTZ opens unprecedented opportunities for regional development, significantly contributing to the creation of a China-Central Asia community with a shared future. The zone's favorable policies are expected to intensify economic and trade exchanges with Central Asian nations, particularly in sectors such as energy resource development and agricultural product processing and sales, which hold substantial potential for cooperation.
Reference(s):
Xinjiang Pilot FTZ: Opportunities for exchanges with Central Asia
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