Nineteen policies to support Hunan Pilot Free Trade Zone rapid development

The Hunan Provincial Department of Finance and the Department of Commerce of Hunan Province jointly issued a document, promulgating 19 policies and measures to support the accelerated development of the Hunan Pilot Free Trade Zone. This was approved by the People’s Government of Hunan Province. It was learned from the Hunan Provincial Department of Finance on October 28, 2021.

The person in charge of the finance authority introduced that Hunan Province will stick to the strategic orientation of building a world-class advanced manufacturing cluster around the pilot free trade zone, an international investment and trade corridor linking the Yangtze River Economic Belt and the Guangdong-Hong Kong-Macao Greater Bay Area, a pilot zone for in-depth economic and trade cooperation between China and Africa, and a new inland opening up highland, to implement targeted and precise policies, and accelerate the high-standard construction and high-quality development of the pilot free trade zone.

The 19 policies and measures rolled out this time mainly cover eight aspects:

1. Support reform and innovation. Five million yuan will be rewarded for each of the achievements on system innovation, which was initiated in China and can be replicated and promoted nationwide.

2. Support the development of advanced manufacturing. It encourages the development of a new form of "bonded manufacturing" and enhances the international competitiveness of the industrial and supply chain by supporting advanced manufacturing to extend, supplement, stabilize, and strengthen the chain.

3. Support the in-depth economic and trade cooperation between China and Africa. Through financial subsidies and other policy incentives, it encourages China-Africa economic and trade enterprises and institutions to settle in the Hunan Pilot Free Trade Zone, build exhibition venues for African products, expand imports of African products, and strive to build Africa's non-resource product distribution and trading center in China.

4. Support the rapid development of trade and investment. It aims to create an international investment and trade corridor linking the Yangtze River Economic Belt and the Guangdong-Hong Kong-Macao Greater Bay Area, increase support for production-oriented foreign trade, cross-border e-commerce, and service trade companies, and encourage and support pilot free trade zones and other industrial parks to develop the enclave economy.

5. Support the upgrading of financial services. It will support the establishment of cross-border financial service institutions, guide funds to prioritize investment in industrial projects in the pilot free trade zone, establish a unified export credit insurance platform for small and micro enterprises, and reduce the financing costs of leading foreign trade supply chain platforms.

6. Support the construction of international logistics channels. Priority protection and key support will be given to African international logistics channels, logistics channels connecting Guangdong-Hong Kong-Macao Greater Bay Area, and new land-sea channels connecting western China.

7. Support the introduction of high-level talents.

8. Support the construction of infrastructure and public platforms.The provincial level special bonds of no less than 10 billion yuan will be arranged for three consecutive years to support the construction of public infrastructure in the area.

Translator: Yu Jiangjiang