By Kate Yuan
(JW Insights) Nov 2 -- China established the 22nd pilot free trade zone, the Xinjiang Pilot Free Trade Zone, on November 1, becoming the first free trade zone set up in the country's northwest region, JW Insights learned.
The country will support the Xinjiang Pilot Free Trade Zone in attracting and gathering domestic and foreign resources. The focus will be on exploring measures to facilitate investment, enhancing financial services capabilities, promoting the development of the digital economy, and strengthening talent services and guarantees.
Xinjiang Pilot Free Trade Zone will be encouraged to improve the service guarantee mechanism for foreign investment. The country will support the zone to attract foreign-funded research and development centers with lowered thresholds for R&D expenses, the number of R&D personnel, and equipment purchases, further enhancing the attractiveness to foreign investment.
Support will be given to overseas financial institutions in establishing banks, insurance companies, and securities firms in the Xinjiang Pilot Free Trade Zone, providing internationalized and diversified financial products and services.
In addition, efforts will be made to accelerate the construction of digital infrastructure, build comprehensive digital service platforms. The zone will participate in the construction of the national computing network to synergize east and west leveraging its advantages in energy and climate, promoting the development of carbon-efficient, green, and sustainable computing infrastructure.
The country will also support the Xinjiang Pilot Free Trade Zone in implementing talent reform policies, including job positions, research funding, talent evaluation, and incentive guarantees, as a pioneering effort.
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