Guian New Area recognized for national processing trade development area

According to the official website of the Ministry of Commerce on June 27, Guian New Area in Southwest China's Guizhou province has been designated as a key recipient for the national-level gradient transfer of processing trade.

As the open platform with the highest level of opening-up and the most preferential policies, the Guian Free Trade Zone will play a central role in the gradient transfer and reception of processing trade.

This time, the Ministry of Commerce and two other departments designated 15 recipients in 15 provinces and autonomous regions including Hebei, Inner Mongolia, Hubei, Sichuan, Yunnan, and Guizhou, to promote the clustering and optimization of the processing trade industry, as well as the industrial upgrading and high-quality development of foreign trade in local and surrounding areas.

As the main base for foreign trade in Guian New Area, the Guian Free Trade Zone achieved 1.56 billion yuan ($216 million) in processing trade from January to May this year, an increase of 78.88 percent compared to the same period last year.

The Guian Free Trade Zone will take the opportunity of being designated as a national-level key recipient for gradient transfer of processing trade to promote the high-quality development of processing trade and strengthen its advantages in processing trade.

It will focus on industries such as optoelectronic display, optoelectronic lighting, bonded reprocessing and imported bulk grain processing.

It will make good use of policy and industrial advantages such as abundant industrial carriers, low labor costs, and smooth logistics to carry out gradient transferring projects of processing trade from central and eastern regions.

By 2023, it is expected to attract more than 30 new processing trade projects and bonded maintenance and reprocessing projects, bringing imports and exports to over 2 billion yuan.

In the future, the Guian Free Trade Zone will study relevant policies and the characteristics of industrial transfer in coastal cities and guide industrial clusters in the Pearl River Delta, Yangtze River Delta, and other regions to transfer to the zone, and accelerate the formation of a development pattern for processing trade with an effective layout, strong advantages, and distinct regional characteristics.