Innovative development: Xi'an area of Shaanxi FTZ taps into potential

Since the beginning of this year, the Xi'an area of the China (Shaanxi) Pilot Free Trade Zone (FTZ) has formed 54 institutional innovation cases, of which six have been recognized and replicated nationwide by the State Council and relevant ministries.

The new model of bill financing for high-tech and innovative enterprises has been replicated and promoted nationwide and in specific regions.

This model has already served more than 2,000 high-tech and innovative small and medium-sized enterprises, more than 1,000 invoice-issuing enterprises, and more than 3,000 bill-holding enterprises, effectively reducing the cost of enterprise financing.

The Xi'an area of the Shaanxi FTZ has made efforts to create a market-oriented, rule-of-law, and internationalized business environment.

The area has successively established the first provincial-level RCEP enterprise service center in northwestern China, put into operation the Chanba international exhibition public bonded warehouse, and launched the processing trade cloud report clearance system.

With ongoing reform and innovation and continuous optimization of the business environment, market vitality is increasing. From January to September this year, the Xi'an region of the Shaanxi FTZ saw the establishment of 35,925 new market entities, an increase of 60 percent compared to the same period last year.

Moving forward, the Xi'an area will work to attract more modern characteristic industries, enhance its capacity to serve national strategies, improve its business environment, strengthen its innovation-driven capabilities, and optimize the international logistics transportation network to promote the high-quality development of an open economy.