The inauguration ceremony of the China (Zhejiang) Pilot Free Trade Innovation Center in Xiaoshan district on Oct 17. [Photo/ceweekly.cn]

The inauguration ceremony of the China (Zhejiang) Pilot Free Trade Innovation Center was held in Xiaoshan district on Oct 17, marking a step forward in the high-quality advancement of Xiaoshan's foreign-oriented economy.

Located on the north side of the Xiaoshan Airport Viaduct within the Sunon Science and Innovation Park, the innovation center is a multifunctional facility designed for promotion, showcasing, investment attraction, exchange, incubation, and various other facilities.

Since the launch of the Xiaoshan block of the pilot free trade zone three years ago, it has focused on becoming an air transport hub and facilitating smart manufacturing and digital trade.

The strategy has led to 69 innovation cases, including five national system innovation cases, six national pilot programs, and 34 groundbreaking achievements at or above the provincial level.

Xiaoshan has added more than 2,300 registered companies and attracted six Fortune Global 500 projects, with total investments exceeding 10 billion yuan ($1.37 billion). Additionally, 22 projects with investments exceeding 1 billion yuan have each brought a total investment of over 43 billion yuan to the region.

Data reveals that during the first eight months of this year, the Xiaoshan area of the pilot free trade zone, covering only 1.7 percent of Xiaoshan's entire land area, contributed 14.7 percent of the district's tax revenue and accounted for 20.7 percent of its foreign trade.

Moreover, Xiaoshan will experiment with a system of economic high-quality development points in the free trade zone, promote talent development reform, and launch financing options through intellectual property pledge mechanisms.

The innovation center. [Photo/ceweekly.cn]