Guangxi deepens industrial cooperation with ASEAN

Guangxi Zhuang autonomous region will speed up the establishment of the cross-border industrial, supply and value chains with the Association of Southeast Asian Nations (ASEAN) to promote the development of the open economy, said Su Jian, deputy head of the Commerce Department of Guangxi Zhuang Autonomous Region, on Aug 2. 

Su said that the region has recently released a series of implementation opinions in this sector, putting forward 23 measures in areas spanning boosting development of the manufacturing industry and carrying out pioneering operations of the Regional Comprehensive Economic Partnership (RCEP) trade regulations.

The document pointed out that Guangxi will focus on the establishment of cross-border industrial chains in industries such as electronic information, new materials, traditional Chinese medicinal materials processing, automobiles and new energy automobiles, as well as distinctive products processing to build a batch of brands for strategic products.

The China (Guangxi) Pilot Free Trade Zone will set up a center for the promotion of foreign investment and build a trading platform for bulk commodities as well as a network for selling Guangxi's products all over the world, aiming to further increase the cooperation level of production capacity internationally.

World-leading institutions managing sectors such as business, legal affairs, finance, and logistics and information will be lured to settle down in the Guangxi FTZ, offering support for the growth of the cross-border industrial, supply and value chains.

The Guangxi FTZ has now seen the rapid development of its leading industries and recorded huge growth in the open economy. A total of more than 37,000 companies have settled down in the area by the end of the first half of 2021, which is 10 times the number of companies listed in 2019.