Thanks to pilot reforms, the Wuxi National High-tech District Free Trade Zone recorded an import and export volume of $20 billion in 2018.
The pilot reforms were carried out mainly in the three aspects of value-added tax for general taxpayers, the global maintenance and testing business, and classified supervision of non-bonded goods, which removed trade barriers for enterprises and helped them cut costs and improve competitiveness.
Yu Jiang, an official from the zone, said that the zone's economic indicators and data improved rapidly due to the reforms.
Five enterprises from the zone were among the city's top six import-export ventures. The zone-based major enterprises Jiangsu Fuchang Zhongwaiyun Logistics Co Ltd, SK Hynix Semiconductor (China) Co Ltd and Hitech Semiconductor (Wuxi) Co Ltd all achieved an increase of more than 50 percent in terms of import and export volume.
By the end of 2018, the zone was home to 51 enterprises which had accumulative investment of 108.8 billion yuan ($16.21 billion) and formed three major industry clusters in integrated circuits, electronic information, and optical communication.