Key points on high-quality growth at Yunnan pilot FTZ
A press conference was held on June 18 to interpret the recently-issued “opinions of Yunnan government on supporting the high-quality development of China’s Yunnan pilot free trade zone (FTZ)".
The pinions include 23 items in 6 aspects, focusing on reform autonomy, financial openness, finance and tax, land planning, and international talents.
More autonomy to the Yunnan pilot FTZ
• With greater autonomy, the pilot FTZ will be eligible to do manage economy at the prefectural level.
• The Yunnan pilot FTZ will speed up smart government and create a first-class int’l business environment.
• The FTZ will pilot initiatives and major reforms.
Industrial synergies at the Yunnan pilot FTZ
• Awards to traders conducive to local economy
• Pooling funds for small and medium exporters
• More preferential policies to AEOs
• Processing more goods for border trade
• Piloting quarantine for cross-border animals
• Internet plus border trade
• Trial management via collective registration
Int’l capacity cooperation
• Drawing key links of manufacturing into the pilot FTZ
• More involvement in building overseas industrial parks
• Foreign traders investing in 3rd-party organizations
• Measures for constructing smart ports
Economic grouping at headquarters
• Special care will be given to key enterprises, foreign-funded institutions and major investment projects in the pilot FTZ, so as to speed up the economic agglomeration at the FTZ headquarters.
• The pilot FTZ will carry out investment promotions.
Financial opening-up at the Yunnan pilot FTZ
Awards to new financial institutions
• 5 million yuan will be awarded to each of the new and wholly-foreign-owned financial institutions or overseas financial branches.
• 3 million yuan will be awarded to each of the new joint financial ventures.
• 1 million yuan will be awarded to each of the branches of the new joint financial ventures.
Cultivating financial services
• Financial institutions are encouraged to provide long-term credit funds for high-tech industries, cross-border capacity cooperation in the FTZ.
•Multinational companies will carry out cross-border financial services.
IV. Finance and tax
Financial aid for the Yunnan pilot FTZ
• Special funds are to be set up for the pilot FTZ construction. This year, Yunnan will allocate 600 million yuan for the industrial projects.
• Preferential tax policies will be implemented to reduce taxes and fees.
• The pilot FTZ will set up regional companies for capital operation, adopting measures to bolster innovation and development.
Yunnan to make preferential land policy for pilot FTZ
• Enterprises in the FTZ are encouraged to acquire industrial land via flexible transfer, long-term lease, lease and concession.
• Intensified use of the existing industrial land in the pilot FTZ will no longer be subjected to price increase.
• Preferential policies on land use will be adopted for industrial projects with priority development and intensive projects.
Yunnan to train more talents for pilot FTZ development
• The Yunnan pilot FTZ will be built into a special hub for talents.
• Special favor will be give to the pilot FTZ on plans for talent training and inviting-in.
• Financial aid will be given to elites and talents working in the pilot FTZ.
• Yunnan will set up communication platforms for talents and firms in the pilot FTZ.
Incepted in August 2019, the Yunnan pilot FTZ has three areas that cover 119.86 square kilometers. The Kunming area is 76 square kilometers (including a 0.58-square-km bonded zone), the Honghe area has 14.12 square kilometers, while the Dehong area occupies 29.74 square kilometers.
By Gateway reporters