Nansha FTZ flourishes after five years of growth

A press conference is held on April 21, announcing the innovation achievements made by the Nansha area of the Guangdong (China) Pilot Free Trade Zone since it was inaugurated five years ago. [Photo/gznsnews.com.cn]

The innovation achievements made by the Nansha area of the Guangdong (China) Pilot Free Trade Zone since it was inaugurated five years ago were released during a press conference held on April 21.

A total of 658 mechanism innovations have been made by the Nansha area in the past five years, covering eight areas spanning investment, trade, financial opening-up and innovation, cooperation among Guangdong, Hong Kong, and Macao, as well as legal environment.

Among all these innovations, 42 of them have been duplicated across the nation, 104 have been duplicated in the province, and 196 of them have been promoted in Guangzhou.

The Nansha area has maintained good momentum in high-quality economic development since its establishment with its gross regional domestic product achieving an annual growth of 10.4 percent year-on-year on average from 2014 to 2019. 

The annual average growth for fixed-asset investment has amounted to 13.3 percent during the same time period, while the growth rate for total revenue was 13.2 percent. The foreign direct investment utilization in Nansha district grew by 13.2 percent on average on a yearly basis.

Nansha has basically built a modern industrial system that has adapted to the area's high opening-up level, with the area being home to 6,526 financial and quasi-financial enterprises, an increase of 52 times than the number before the establishment of the Nansha area. 

The number of financial leasing enterprises in Nansha has grown to 2,196 from the previous total of 30 in 2014, accounting for more than 80 percent of the total number in Guangzhou. Nansha has clustered 624 commercial factoring companies, making up 71 percent of the total number in the city.

The area has carried out several national pilot projects and financial innovations, such as launching the country's first online trade platform for shipping insurance, making Nansha the largest leasing cluster for aircrafts and ships in the Guangdong-Hong Kong-Macao Greater Bay Area.

Nansha has devoted great efforts in turning Nansha Port into an international shipping hub, as the area has accelerated the construction of a batch of infrastructural project like the railway of Nansha Port and the automatic wharfs at the fourth phase of Nansha Port.

Guangzhou Nansha International Cruise Home Port, which is the largest of its kind in China, started operation in November 2019. At present, the port has received a total of 1.65 million inbound and outbound passengers, as well as 413 cruises, ranking third in China.

The Nansha Area makes a total of 658 mechanism innovations covering eight areas such as investment, trade, financial opening-up and innovation, cooperation among Guangdong, Hong Kong and Macao as well as legal environment. [Photo/gznsnews.com.cn]

Guangzhou Nansha International Cruise Home Port, the largest of its kind in China, starts operation in November 2019. [Photo/gznsnews.com.cn]