On November 1, 2023, the Xinjiang Pilot Free Trade Zone (FTZ) was officially launched in Urumqi, the capital of China’s Xinjiang Uygur Autonomous Region. This marks a significant milestone as China’s first FTZ in the northwestern frontier, symbolizing a major step forward in the country’s high-level opening-up and pursuit of high-quality development.
Strategically initiated by the Central Committee of the Communist Party of China and the State Council, the Xinjiang FTZ aims to stimulate regional economic growth by liberalizing and facilitating trade and investment. Positioned at the heart of the Eurasian Continental Bridge and rich in resources, the FTZ is set to enhance Xinjiang’s economic vitality and international competitiveness.
Bridging China and Central Asia
With Urumqi as its core, the Xinjiang FTZ is designed to attract foreign investors from Central Asia and foster a dynamic regional economic hub. The zone is expected to strengthen economic and trade exchanges with neighboring countries, particularly in sectors such as energy resource development and agricultural product processing. These industries hold substantial potential for cooperation, promising mutual benefits for all parties involved.
Opportunities for Shared Prosperity
The establishment of the Xinjiang Pilot FTZ opens unprecedented opportunities for regional development. It significantly contributes to building a China–Central Asia community with a shared future. The favorable policies of the FTZ are anticipated to intensify collaborations, enhance connectivity, and promote shared economic growth across the region.
As the Xinjiang FTZ begins its operations, it stands as a beacon of China’s commitment to deeper integration with Central Asia. The zone not only serves as a gateway for trade and investment but also symbolizes a bridge connecting diverse cultures and economies, fostering a landscape of shared prosperity and development.
Reference(s):
Xinjiang Pilot FTZ: Opportunities for exchanges with Central Asia
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