Photo taken on Aug 31, 2019 shows the inauguration ceremony of the China (Hebei) Pilot Free Trade Zone Daxing Airport Area.  [Photo by Wu Xiaohui provided to chinadaily.com.cn]

Yan Ligang (left), director of the Beijing Municipal Commerce Bureau, Wang Jun (middle), deputy secretary-general of the Beijing Municipal People's Government, and Zhou Liyun (right), secretary of Daxing District Party Committee, unveil the Daxing Airport Area of the China (Hebei) Pilot Free Trade Zone. [Photo by Wu Xiaohui provided to chinadaily.com.cn]

China (Hebei) Pilot Free Trade Zone Daxing Airport Area was inaugurated on August 31 at Beijing Daxing International Airport.

The pilot free trade zone comprises four areas: the Xiong’an Free Trade Port Zone, the Zhengding Free Trade Zone, the Caofeidian Free Trade Zone and the Daxing Airport Area.

The total area of the newly launched Hebei pilot FTZ is nearly 119.97 square kilometers. One of its parts, the Daxing Airport Area, covers 19.97 square kilometers.

Wang Youguo, deputy secretary of the Daxing District Party Committee, said Daxing will fully implement the pre-establishment national treatment and the negative list management system for foreign investment, deepen economic and trade cooperation with foreign countries, promote reforms in fields such as investment, trade and financial services, and strive to improve the level of development.

The Daxing airport area focuses on industries such as aviation logistics, aviation science and technology, warehousing and logistics, biology, information, and new energy technologies.

According to a master plan released by the State Council, the Daxing airport area will further relax the requirements for unified operation and management of foreign exchange funds of transnational corporations.

Other measures will be taken as well to deepen opening up and innovation in the financial field. Thanks to policies of expanding the comprehensive pilot opening of Beijing's service industry, the Daxing airport area is expected to provide a more competitive financial environment for Daxing Airport operations.