A work group in charge of the Wuhan coordinated innovation Wuhan Economic & Technological Development Zone (WEDZ) area in the China (Hubei) Pilot Free Trade Zone has been officially established.
A set of goals and targets have been released, including increasing levels of openness, cultivating new quality productive forces, and propelling institutional innovation.
The WEDZ area will mainly focus on developing five functional areas for new energy vehicle manufacturing, product testing and reproducing, integrated development of domestic and foreign trade, port logistics and new-type trade and mechanism innovation.
To be more specific, the WEDZ area is expected to export 100,000 vehicles worth more than 17 billion yuan ($2.4 billion) this year, see 550 million yuan in foreign investment in actual use, as well as 6 percent of total imports and exports growth.
To increase its level of openness, the WEDZ area will strive to set up an exported car quality testing and maintenance service base, foster a cross-border e-commerce ecosystem, and experiment with new types of trade.
To cultivate new quality productive forces, the WEDZ area will make its auto chip supply chain more resilient, establish an international new energy vehicle testing and certification base, encourage the setting up of high-level R&D platforms, further develop urban smart road infrastructure, and create more intelligent connected vehicle application scenarios.
Please refer to the zone's official Chinese website or official WeChat account to see the full version of the goals and targets for the year.
