The Integrated National Demonstration Zone for Greater Openness in the Services Sector, and the China (Beijing) Pilot Free Trade Zone (hereinafter referred to as the “two zones”) were officially launched in Beijing in September 2020. Thanks to continued efforts toward wider opening-up, deeper reform and more effective demonstration over the past four years, Beijing has blazed a successful path to high-quality development driven by high-standard opening-up, generating a series of achievements. In this process, more than 50 national breakthrough policies have been rolled out, and over 40 cases of innovative practices have been promoted nationwide.
Beijing Youth Daily has learned that the main R&D building of the Zhongguancun Comprehensive Bonded Zone (hereinafter referred to as the “Zhongguancun CBZ”) in Beijing will be put into use at the end of August upon completion. It’s expected that the first order of the bonded zone will be completed in early September and officially launched at China International Fair for Trade in Services (CIFTIS).
The number of comprehensive bonded zones in China has seen constant growth since the launch of the first one in 2007. Up till now, there are more than 160 comprehensive bonded zones in the country, spanning 31 provincial-level jurisdictions. Zhongguancun CBZ is the first comprehensive bonded zone in China featuring R&D and innovation.
According to Zang Song, Assistant to General Manager of Beijing Zhongguancun Comprehensive Bonded Zone Operation and Service Co., Ltd, completing inspection and acceptance is only the first step for the development of the Zhongguancun CBZ, and in the future, it aims at attracting leading R&D enterprises with demands for bonded business.
“We have visited over 90 enterprises in such fields as integrated circuit, bio-medicine, AI and technological services, many of which have expressed intentions to establish a presence in Zhongguancun CBZ,” Zang told Beijing Youth Daily. A number of companies, including Beijing Graphene Institute, Stronger, and Soaring will soon move into the bonded zone.
The construction for the whole comprehensive bonded zone is estimated to be completed by the end of 2026, according to Zang. With a total planned area of 0.4 square kilometers, the zone will allocate 90% of its 660,000-square-meter industrial space to research and development.
The Zhongguancun CBZ Building, which is located outside the electronic fence of the comprehensive bonded zone, has already passed inspection and acceptance, and is ready for occupancy. Customs staff as well as the workers from Zhongguancun CBZ Operation and Service will gradually move in. The customs inspection facilities inside the electronic fence have been completed and are ready for use.
Transforming favorable policies into market vitality is a priority. In this regard, the number of projects launched serves as a crucial criterion to evaluate the progress of the “two zones”. Since its inception, over 26,000 projects have been added to the project pool, among which more than 18,000 have been successfully launched, with a total investment of over 3.6 trillion yuan. An array of signature projects have been introduced, such as the first wholly foreign-owned currency brokerage company in China, a wholly foreign-owned security company, the Chinese headquarters of the global cross-border payment company TTMFS, and the first foreign-funded commercial factoring company in Beijing.
HSBC, a bank with over 150 years’ history, used to focus on foreign currency and commercial banking services. Now it has taken the initiative to align its growth with the “two zones” development, and has been deeply involved in the high-quality development of China’s financial industry. In September 2023, the bank was licensed to sell funds in China, thus becoming the first wholly foreign-owned insurance brokerage company in China to hold both an insurance brokerage license and a fund sales license.
Since its establishment two years ago, HSBC Broker has been a witness, participant and beneficiary of the “two zones” development. As of today, the company has recorded a paid-in capital of 1.7632 billion yuan after multiple rounds of capital increase, showcasing its confidence in the Chinese market with concrete actions.
