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​Zhejiang FTZ sees remarkable progress

ezhejiang.gov.cn| Updated: February 27, 2023 L M S

China's (Zhejiang) Pilot Free Trade Zone (FTZ) made remarkable progress in the past year, according to a news conference held by the Zhejiang Provincial People's Government on Feb 23.

In 2022, the Zhejiang FTZ, despite covering less than 0.25 percent of the province's total area, contributed to 20.6 percent of the province's foreign trade and 18.1 percent of foreign investment. The total import and export volume for the year was 966.96 billion yuan ($139.67 billion), up by 22.4 percent from the previous year.

The FTZ saw a significant increase in the actual use of foreign capital, which rose to $3.484 billion in 2022, a 37.6 percent year-on-year increase. Thirty-six new foreign investment projects worth over $100 million were added, and five Fortune 500 companies signed deals for new projects with Zhejiang.

In addition, the Zhejiang FTZ had 143 institutional innovations, with 36 being the first of their kind in China.

During the conference, officials also shared 10 major achievements in the Zhejiang FTZ since November 2022 when the province held a major conference on high-quality development. These achievements include approving and implementing major projects, hosting the first Global Digital Trade Expo, launching digital platforms to facilitate commodity trading and cross-border transactions.