The Wuxi National Hi-tech District Integrated Free Trade Zone. [Photo/Wuxi Daily]
Wuxi National Hi-tech District, or Xinwu district, in Wuxi, East China's Jiangsu province, was recently listed among the 29 national import trade promotion demonstration zones.
Establishing such demonstration zones is an important way for China to expand imports and open up more to the world.
The demonstration zones are positioned to promote imports, industrial development, and consumption, as well as make innovations in policy, services, and trade forms, according to the Wuxi municipal bureau of commerce.
Xinwu will take this opportunity to build an import trade promotion demonstration zone featuring integrated circuits, biological medicine, and cross-border e-commerce.
In recent years, Xinwu district has stepped up efforts to develop an import trade system consistent with international rules and improve clearance efficiency.
The district has also experimented with new trade forms, including bonded research and development, cross-border e-commerce, and overseas public warehouses, and promoted the establishment of an international mail exchange bureau.
Statistics from Wuxi Customs show that the imports and exports of Xinwu district totaled $56.87 billion in 2021, including $26.28 billion in imports.
The district's import figure accounted for 65.1 percent of the city's total, 3.2 percentage points higher than the figure in 2017.
