China's Chongqing FTZ sees booming market entity registrations

The pilot free trade zone (FTZ) in southwest China's Chongqing Municipality has recorded booming market entity registrations over the last four years, with emerging industries accounting for the lion's share, according to the municipal commission of commerce.

Over 50,000 enterprises have been established in the Chongqing pilot FTZ since it was established in 2017, said Zhang Zhikui, director of the municipal commission of commerce, at a press briefing on Wednesday.

More than 75 percent of the newly registered enterprises are engaged in the transport, information transmission, software and information technology services, and high-tech industries, Zhang added.

The Chongqing pilot FTZ is now home to one-fourth of the municipality's foreign trade firms, contributing approximately 70 percent of its foreign trade volume and attracting over 40 percent of foreign direct investment.

The municipality was in February approved as a port of entry for imported drugs. It is the only such entry port in west China and the fourth in the Chinese mainland following Beijing, Shanghai and Guangzhou.

It was also added to a list of China's border ports which allowed eligible international travelers in transit to avail of a 144-hour visa-free stay in 2019.