Calla Lily, the landmark building of the Optics Valley in Hubei FTZ, home to the New Energy Reserch Institute of Wuhan.(Photo by Mei Tao/ Hubei Daily)

  Hubei Province recently released 68 policy measures to support the in-depth reform and innovation of the China(Hubei) Pilot Free Trade Zone (hereinafter referred to as Hubei FTZ).

  These measures, formulated on the basis of good practices across the country, aim to promote the quality development of the province. Focusing on nine sections including vigorously developing high-end industries, continuously optimizing the business environment, promoting trade transformation and upgrading, promoting financial opening and innovation, strengthening technology and talent system innovation, building a new open-oriented economy platform, strengthening industrial investment, and strengthening joint development, they have been proposed to be completed or made breakthrough progress before the end of 2023.

  Since inaugurated in April 2017, the Hubei FTZ has rolled out 199 institutional innovations, 21 of which have been replicated and promoted at the national level. In 2020, the zone recorded an import and export volume of 127.33 billion yuan, an year-on-year increase of 11 percent, and an amount of actual use of foreign capital of 1.58 billion U.S. dollars, accounting for 29.7 percent and 15.3 percent of the province’s total during the same period, respectively.

  Source: en.hubei.gov.cn