Recently, the CPC Hunan Provincial Committee and the People's Government of Hunan Province issued the "Implementation Plan for Comprehensively Implementing the Strategy for Upgrading Pilot Free Trade Zones and Building the China (Hunan) Pilot Free Trade Zone with High Standards." The document proposes six major tasks to accelerate the high-standard construction, high-level opening-up, and high-quality development of the China (Hunan) Pilot Free Trade Zone.

The plan specifies that efforts will be made to implement a number of key institutional innovations and reform pilot tasks, to explore and form a batch of institutional innovation achievements, and to create a series of iconic institutional open application scenarios and platforms with Hunan characteristics, all by 2030. The plan aims to explore new pathways and accumulate new experience, focusing on building a full industrial-chain integrated innovation development zone, a China-Africa institutional opening-up promotion zone, a regional collaborative opening-up hub, and a modern opening-up talent cultivation zone for China's inland regions.

The plan promotes the optimization and upgrading of foreign trade. A cross-border trade public service platform will be established, focusing on connecting the entire chain of "customs-tax-foreign exchange-settlement" for new trade formats such as cross-border e-commerce and market procurement trade, and facilitating trade in goods. The province will innovate tariff guarantee models, allowing guarantee institutions to issue tariff guarantee letters for enterprises, as well as innovatively carry out "import advance payment" credit insurance business.

The plan promotes the two-way opening-up of investment. Efforts will be made to broaden foreign investment channels, to attract overseas capital and private equity investment institutions to engage in diversified investment cooperation, and to implement innovative balance management systems for qualified foreign limited partners. The province will strengthen guarantees for foreign investment services, encourage state-owned enterprises to invest in key countries involved in the Belt and Road Initiative, and explore the establishment of a fast-track approval process.

The plan will enhance modern industrial innovation and development. The province will promote the upgrading of traditional competitive industries, support the innovative development of key foundational manufacturing equipment such as machine tools, control systems, and instrumentation. The construction of the engineering machinery aftermarket will be accelerated, and an online traceability management information platform for construction machinery maintenance and remanufacturing equipment will be established. The province will promote the clustering of emerging future industries, build innovation centers for application scenarios of new technologies and products, and establish public training grounds for distinctive "AI+" application scenarios. The province will stimulate the vitality of scientific and technological innovation and will explore the establishment of innovation centers in the field of intelligent equipment.

The plan will advance deep and multi-field cooperation with Africa. Leveraging the Hunan Pilot Free Trade Zone, the province will accelerate the construction of the Pioneering Zone for In-depth China-Africa Economic and Trade Cooperation. A long-term mechanism for cooperation in new economy and new business formats such as the China-Africa digital economy and e-commerce will be established. Efforts will be made to support the construction of industrial parks specializing in African products such as coffee, cocoa, and nuts within the Hunan Pilot Free Trade Zone. Priority will be given to supporting the establishment of China-Africa cross-border logistics enterprises and to exploring the development of an independent, secure, and controllable cross-border logistics system in key regions of Africa. The province will introduce and cultivate cross-border payment platforms for trade with Africa, and will build a safe and efficient cross-border payment and settlement system for such transactions.

The plan is designed to serve regional coordinated and open development. The province will build an inland port economy demonstration zone, will vigorously develop port-preferred industries, and will promote the transformation and upgrading of port manufacturing. A multimodal transport logistics park with regional influence, and a transshipment and consolidation platform and a LCL center for multimodal transport will be built. The province will innovate the cooperation model between the Hunan Pilot Free Trade Zone and the Hainan Free Trade Port (Huainan FTP), and will promote coordinated and open development with the Hainan FTP in fields such as seed technology, biomedicine, and maintenance and remanufacturing.

The plan will build a market-oriented, law-based, internationalized open development ecosystem. The province will improve the comprehensive service system for enterprises going global, building a comprehensive service port for going global, and providing full-chain services for enterprises expanding abroad. A rapid response mechanism and assistance mechanism for cross-border commercial disputes will be established. The province will introduce and cultivate open economy talents in investment, trade, finance, taxation, law, and other fields. A service platform for foreign nationals' innovation and entrepreneurship will be built to further facilitate the use of foreign exchange for domestic and overseas talents.

This article is from Hunan Provincial Government. www.enghunan.gov.cn.
 
Translator: Xiao Juan
 
Chinese source: hunan.gov.cn