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The Hangzhou area of the China (Zhejiang) Pilot Free Trade Zone hopes to make some significant breakthroughs and launch a number of landmark projects in the following 10 areas in 2022.
It will set up a national digital trade demonstration zone to deepen cooperation with Europe and hopes to generate more than 200 billion yuan ($31.46 billion) every year in digital trade.
The area hopes to host the first Global Digital Trade Expo at all costs and aims to develop it into a flagship exhibition with its importance equaling the China Import and Export Fair, China International Import Expo, and China Beijing International Fair for Trade in Services. The expo is scheduled to be held in Hangzhou from March 24 to 27.
It will also build a Hangzhou international digital trading center and launch an online digital trading platform.
In addition, by exploring the establishment of a digital transaction system, the area will work to pilot the use of a digital RMB system, develop various payment methods, bring up four leading cross-border e-commerce payment companies, and generate more than 400 billion yuan in cross-border payment transactions.
It will also speed up the construction of overseas cross-border e-commerce service networks in Europe, the United States, and Japan, Hangzhou's major trading partners, in a bid to further optimize overseas warehousing and logistics, terminal distribution, and after-sales services.
Furthermore, the area will accelerate the construction of a bonded zone in trade in services so as to facilitate more convenient services, more efficient customs clearance, more effective supervision, and more intelligent management with more digital measures.