Officials in the Daxing Airport Area speak at the press conference marking its 1st anniversary on Aug 31. [Photo provided by Daxing]

The Beijing section of the Daxing Airport Area, part of the China (Hebei) Pilot Free Trade Zone, China’s first cross-provincial FTZ, had its first birthday on Aug 31.

As of that day, the main structure of its innovation service center had been roofed, half of its 81 items of institutional innovations list were implemented, and more than 150 new market entities were in place.

The area is making steady progress in overall reform and opening up, embarking on a unique and high-quality development path and striving to become a reform and innovation hub.

Global-oriented investment promotion

The innovation service center will undertake business office and industrial services. With the roofing of its main structure it is expected to be open by the end of November and become a new landmark.

The western area has launched global-oriented investment promotion. As of now, seven banks are intending to settle there and are expected to stimulate financial innovation.

Meanwhile, six enterprises and institutions have become potential cooperators with the eastern part of the area, which will focus on life and health innovation incubation, mainly in precision medicine and services, stem cell technology and high-end medical consumables.

Over 40 institutional innovations in use

With the policy, strategic and transportation advantages of an airport economic zone, a FTZ, and a comprehensive bonded area, Daxing looks forward to greater policy innovation in industrial development and talent attraction.

Last year, the first list of institutional innovations was released, and more than half of the 81 items were implemented.

One of the achievements, a new integrated approval mode for social investment programs, has simplified the approval process and increased efficiency.

Also, Daxing has originated a joint consultation, construction and sharing model in cross-border comprehensive bonded zone activity. Beijing, Hebei province and Capital Airports Holding Co manage the zone with unified planning, construction, operation and management to promote coordinated development.

150 new market players added

Data show that within half a year after listing, the Beijing section attracted more than 50 market players. In the next six months this number soared to 153.

In April, the area initiated live broadcasts promoting its financial innovation policies to about 200 representatives of banks, financial institutions and enterprises.

The Beijing Branch of the Agricultural Bank of China (ABC) offered cross-border facilitation services for a foreign-invested enterprise, the Beijing Leyi International E-Commerce Co, on July 8 to handle foreign exchange transactions for trade in goods, marking the city’s first cross-border FTZ financial business.

Related business demands increased after the enterprises settled down. In order to allow more companies to handle settlement services in a swift manner, the Daxing Branch of the ABC opened its doors in May.

“This is the first professional banking institution featuring free trade business in the Daxing Airport Area,” said bank president Deng Haijun.