Watch the video to learn more about the Wuhan Area of the China (Hubei) Pilot Free Trade Zone (FTZ) and local foreign traders.

2023 marks the 10-year anniversary of the establishment of free trade zone's in China. To celebrate the occasion, the Wuhan Area of the China (Hubei) Pilot Free Trade Zone (FTZ) held a foreign trade entity cultivation conference on Oct 13 in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC), announcing its intention to implement its seven foreign trade improvement plans.

The Wuhan Area of the China (Hubei) Pilot Free Trade Zone (FTZ) holds a foreign trade entity cultivation conference on Oct 13. [Photo/WeChat account of Optics Valley of China]

Founded in April 2017, the area is based in all the core regions of the valley and has gathered over 1,200 accomplished exporters and importers. It has been trading with more than 180 countries and regions throughout the world and boasts multiple foreign trade development platforms, a high service efficiency, lower logistic costs, and optimized supporting policies.

The newly released plans involve the business environment, overseas market expansion, and other five fields.

The Wuhan Area of the China (Hubei) Pilot Free Trade Zone (FTZ) holds a foreign trade entity cultivation conference on Oct 13. [Photo/WeChat account of Optics Valley of China]

Guangdong Youkey Medical Co, established in 2015, makes more than 60 percent of its sales revenue in overseas markets. Its self-developed handheld wireless ultrasound diagnostic system is favored by medical institutions in countries like the United States and Germany.

No European or American enterprises have yet entered this field, and they hope to seize the opportunity to achieve rapid growth, said an employee at the firm.

Small and medium-sized enterprises have poor risk resistance abilities, making it difficult for them to succeed in going global on their own. Government support and assistance, as well as leading enterprises driving the way, are crucial for these companies, the employee added, lauding the zone's new plans.