Guangzhou will build a 2.0 version of the China (Guangdong) Pilot Free Trade Zone Nansha Area of Guangzhou (Nansha Free Trade Zone) to take its opening up and reform and innovation to a new level, according to a news conference held on July 17 in the Nansha district of Guangzhou.

"Nansha Free Trade Zone has been leading free trade zones in Guangdong province since it was established three years ago," remarked Pan Yuzhang, director of the zone's administration.

According to Pan, Nansha to date has made 391 achievements in reform and innovation, and is set to promote 31 newly-released innovation practices across the whole country.

Meanwhile, Nansha has been enjoying the huge dividends generated by reform. Statistics show that its GDP rose to 139.2 billion yuan ($20.7 billion) in 2017 from 102.6 billion yuan in 2014, registering an annual increase of 12.6 percent.

Pan said that based on the current reality of its reform and innovation, and with institutional innovation as its core, and risk prevention and control as its bottom line, Nansha will continue to open up and pursue reform and innovation.

First of all, Nansha will build an investment and trade promotion system in line with the highest international standards, perfect the international legal service system, deepen open innovation in the financial field, and promote the construction of a cooperation demonstration zone in the Guangdong-Hongkong-Macao Greater Bay Area.

Secondly, in accordance with Nansha's commitment to innovation as its first core developmental element, the district will build an international scientific and technological innovation center. It will also take measures to promote interconnection with the Greater Bay Area.

In addition, Nansha will accelerate the development of new trade formats, build an innovative industrial system, promote industrial transformation and upgrading in the Greater Bay Area and develop a demonstration area for quality living in Guangdong, Hong Kong and Macao. 

"The key of the construction of the Great Bay Area is production elements, but the current free flow of talents, goods, funds and information is restricted by some structural and institutional obstacles. It is the mission of all free trade areas to reform and innovate institutional mechanisms."

Pan believes that Nansha will be a breakthrough point in the construction of the Great Bay Area. As the advantages of industrial development emerge, the area will grow and prosper.