East China's Fujian province has implemented 410 innovative measures for the development of the China (Fujian) Pilot Free Trade Zone since its establishment in 2015. [Photo/IC] 

The China (Fujian) Pilot Free Trade Zone (FTZ) has proved essential for efforts to deepen reform and opening-up, and it has made many institutional innovation achievements related to cooperation with Taiwan, according to local media reports on April 22. 

The FTZ, located in East China's Fujian province, was officially launched in April 2015 under the approval of the State Council. It covers a total area of 118.04 square kilometers and is composed of three major areas: the Pingtan Area, the Xiamen Area, and the Fuzhou Area. 

Fujian treats the FTZ as a model of reform, opening-up, and high-quality development, and has implemented a number of innovative policies and practices that serve as an example for other regions throughout the country. 

For instance, the province has implemented 410 innovative measures for the development of the Fujian FTZ, 38.3 percent of which were the first time such a policy had been implemented in the country. 

To further improve the business environment, the zone has been exploring the possibility of changing its management style, making it easier for foreign investors to start businesses by simplifying related procedures, which would include shortening the process from 10.8 working days to just 2.5 working days. 

As a result of its improved business climate, the FTZ has managed to attract a total of 94,000 enterprises with a combined registered capital of 2.1 trillion yuan ($296.45 billion) over the past five years.

The zone has also made remarkable achievements in opening up financially, deepening cross-Straits cooperation, and promoting the development of the Belt and Road Initiative.

For example, the zone is offering full support to enterprises and financial institutions looking to conduct cross-border financing for domestic and foreign currencies. The Fujian FTZ's cross-border RMB businesses were valued at 494.2 billion yuan at the end of 2019.

The zone is now home to 23 Taiwan-funded financial institutions, putting it at the forefront of cross-Straits cooperation.

In light of the COVID-19 outbreak, the Fujian FTZ has adjusted and adapted supporting policies and coordinated the prevention and control of the outbreak with economic and social development. In the first quarter of this year, actual utilized foreign capital in the zone saw year-on-year growth of 117.9 percent.