A photo of the Free Trade Zone in the Xiong'an New Area, Hebei province, May 28, 2024.[Photo/VCG]
The scale of the open economy in Xiong'an New Area, Hebei province, has expanded as an increasing number of enterprises establish a presence in the area's pilot free trade zone, local officials said.
Covering an area of 33.23 square kilometers, the Xiong'an Area of China (Hebei) Pilot Free Trade Zone was set up in 2019 to create a global innovation hub and a pioneering zone for open development, according to its official website.
More than 1,500 enterprises have registered within the zone, with a cumulative registered capital exceeding 253 billion yuan ($34.5 billion), according to data released at a news conference on the zone's development on Friday.
The zone welcomed 21 new foreign investment enterprises last year, 14 more than the previous year. The actual use of foreign investment for the whole year amounted to $90.31 million, representing a year-on-year increase of 95.67 percent, according to the news conference.
This growth underscored the zone's pivotal role in propelling the area's open economy to new heights, said a spokesperson at the conference.
Furthermore, the area's comprehensive bonded zone has gotten off to a good start and has shown a growing momentum in open development since it passed a national evaluation earlier last year.
With the establishment and operation of a 26,000-square-meter bonded warehouse, the zone achieved a milestone by securing a general taxpayer pilot project. It has enhanced the zone's industrial carrying capacity and innovation capabilities.
