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Xi'an ITL Park: active part of China (Shaanxi) Pilot Free Trade Zone

(chinadaily.com.cn)

Updated: 2018-04-12

Xi'an ITL Park: active part of China (Shaanxi) Pilot Free Trade Zone

The Xi'an Trade and Logistics Park is an integral part of the China (Shaanxi) Pilot Free Trade Zone. [Photo/itl.gov.cn]

The Xi'an International Trade and Logistics (ITL) Park is an integral part of the China (Shaanxi) Pilot Free Trade Zone, founded on April 1, 2017. The park has an area of 26.43 square kilometers and is designed to be an international inland port, trading and logistics district and a demonstration site for the financial industry.

As the first international inland port in China, the ITL Park strives to be a transportation hub for the Belt and Road Initiative, an innovation center for the financial industry and a platform for Asia-European trade and cultural exchange.

The ITL Park attaches great importance to international trade, modern logistics, port-centered industry, financial services, e-commerce, and culture and sports. Since its designation as part of the free trade zone, the park has made efforts to facilitate the development of trade, investment, finance and services.

From April 1, 2017 to February, 2018, another 1,661 enterprises setup shop in the free trade zone, a year-on-year increase of 56 percent, boosting registered capital by 155 percent to 34.9 billion yuan ($5.54 billion).

Development of trade

The international "Chang'an" freight train that connects the inland city of Xi'an to Central Asia and Europe was instrumental in establishing the city as a new starting point in the Silk Road Economic Belt.

In order to improve performance, the freight trains are entrusted to enterprises who manage their day-to-day operations. By the end of February, 2018, 91 trains had been deployed, delivering a total of 106,600 tons of cargo.

Freight train lines were also opened to Central Asia, Germany, Hungary, Finland and Russia, and a more regular line was opened to Qingdao Port in Shandong province, covering the major supply cities in Central Asia and Europe. Eight storage bases were set up in Frankfurt, Germany and Karaganda, Kazakhstan, as well as other foreign cities, forming a logistic channel system which integrates air, land and sea transportation.

ITL Park also formed relationships with other ports and signed a cooperation agreement with the Dubai Multi Commodities Centre (DMCC) Free Zone. It also strengthened its status as an inland port and has been designated as the port of entry for vehicles, grains and meat.

Xi'an ITL Park: active part of China (Shaanxi) Pilot Free Trade Zone

Containers transported from overseas are unloaded at Xi'an Port. [Photo/itl.gov.cn]

Development of finance

At the Fifth Xi'an Financial Industry Exposition held in September, 2017, three financial service institutions based in the ITL park were established for the purpose of providing services in arbitration, commercial conciliation, innovation and entrepreneurship in order to better implement the preferential policies of the pilot free