The China (Shaanxi) Pilot Free Trade Zone (FTZ) in Northwest China's Shaanxi province will celebrate its fifth anniversary on April 1.
In the past five years, the Xi'an area of the Shaanxi FTZ has continuously worked to improve its business environment and attract more advantageous industries.
The area boasts 520 cases of innovation, of which 26 have been approved by the State Council and relevant ministries and commissions, and 66 have been replicated and promoted throughout the province.
The innovative achievements that have been replicated and promoted at the national and provincial levels will be given up to 200,000 yuan ($31,502.89) and 150,000 yuan in subsidies and awards, respectively.
In addition, the 127 key tasks undertaken by the Xi'an area in the overall plan for the Shaanxi FTZ have been mostly successful.
A key industrial layout has been laid out in the Xi'an area, represented by electronic information manufacturing, high-end equipment manufacturing, aerospace, biomedicine, artificial intelligence, 5G networks, and modern logistics.
From its unveiling until Jan 31 this year, 106,546 new market entities set up operations in the area, including 946 enterprises with a registered capital of more than 100 million yuan each, and 737 foreign-invested enterprises.
In December 2021, the amount of time needed to clear goods at customs was reduced to 34.3 hours for imports and 1.1 hours for exports, which were 62.1 percent and 82.3 percent less than in 2017, respectively.
Moving forward, the Xi'an area will further increase institutional innovation, optimize its business environment, promote the development of new formats, and advance regional coordinated development.