(Yicai) Nov. 6 -- Pilot free trade zones in nine administrative regions along China’s Yangtze River, including Shanghai, Chongqing, and Sichuan province, have launched an initiative aimed at enhancing innovation and fostering development across the Yangtze River Economic Belt.

The initiative, announced at the Invest in China promotion event held as part of the 7th China International Import Expo, strives to create a platform for deepening cooperation between multinational companies and the FTZs.

The program was jointly issued under the guidance of the commerce ministry and with unanimous agreement from pilot FTZs in nine key regions along the Yangtze River, said Chen Yanfeng, deputy director of Shanghai's development and reform commission. These nine regions include Yunnan, Sichuan, and Chongqing in the upper Yangtze; Hubei and Hunan in the middle; and Anhui, Zhejiang, Jiangsu, and Shanghai in the lower reaches.

The zones will actively align with national development strategies to promote high-level openness, pilot new systems emphasizing innovation, and facilitate cross-regional resource sharing. Additionally, the initiative seeks to highlight each region’s distinct, advantageous industries, bolster coordinated development, and encourage collaboration across business sectors.

During the event, the nine FTZs highlighted market opportunities for industrial projects, including emerging fields such as integrated circuits, biopharmaceuticals, optoelectronic technology, engineering machinery, and intelligent connected new-energy vehicles, aiming to attract multinational investment.

Tang Wenhong, assistant commerce minister, remarked that China's 22 pilot FTZs are setting an innovative model for reform and openness, contributing nearly one-fifth of China’s foreign investment and trade volume despite occupying less than 0.04 percent of land area.

"A higher-level pilot FTZ will foster a more favorable business environment, creating vast market opportunities for both Chinese and foreign enterprises," said Tang.

Editors: Tang Shihua, Emmi Laine