Foreign trade has always been one of the many factors that have contributed to the rapid growth of Qianhai & Shekou Area of China (Guangdong) Pilot Free Trade Zone since its establishment seven years ago today.
From January to March, the value of imported and exported goods in the Qianhai & Shekou free trade area reached 396.84 billion yuan (US$60.76 billion), posting a significant increase of 31.6% year on year. Qianhai Comprehensive Bonded Zone’s total foreign trade volume reached 44.08 billion yuan in the first quarter of the year, surging 55.5% year on year.
This growth is mainly attributed to continued improvement in Qianhai’s business environment and a series of innovative measures launched in the area.
Last year, Qianhai rolled out 75 new institutional innovation measures, bringing their total number to 685. Many of these measures have been duplicated and promoted citywide or in other parts of the country.
Last month, a cross-border marine transportation platform was put into trial operation in Qianhai, providing a one-stop land and water transportation service for import and export companies in Shenzhen and Hong Kong.
Wu Haibo, chairman of the company that developed the platform, said the platform allows foreign trade companies to efficiently access services in vessel transportation, container leasing, trailer transportation and customs declaration, thus solving customers’ long-lasting pain points.
YH Global, a supply chain unicorn company in Qianhai, became the first approved exporter in Shenzhen’s customs clearance zone under the Regional Comprehensive Economic Partnership (RCEP) framework this January. It means that the company can independently issue the RCEP declaration of origin and arrange its production and export flexibly, which is highly significant in improving the company’s international competitiveness.
Last year, YH Global’s revenue and total trade volume reached 10.16 billion yuan and US$9.06 billion, respectively. “Our company has grown in the area with an open and innovative business environment,” said Su Baoyin, the company’s general manager.
Currently, a comprehensive cross-border e-commerce business chain integrating purchase, display, selling and refund has been formed in Qianhai. A number of industry leaders have settled in the area and so far, over 1 billion parcels have been exported through Qianhai Comprehensive Bonded Zone.