Waigaoqiao International Intelligent Manufacturing Industrial Park is located in Waigaoqiao Bonded Zone, East China's Shanghai. [Photo/Official WeChat account of the administrative committee of the China (Shanghai) Pilot Free Trade Zone]

Waigaoqiao International Intelligent Manufacturing Industrial Park, which is located in the China (Shanghai) Pilot Free Trade Zone, has greatly fueled the development of machine tool enterprises with its convenient services and institutional innovation.

With an area of 100,000 square meters, the industrial park is home to seven of the world's top 10 machine tool companies. It provides a wide range of services spanning exhibition, logistics, training, inspection, and certification.

The bonded long-term exhibition has facilitated foreign companies' entry into the Chinese market. Data showed that about 30 percent of China's imported machine tools go to companies in the industrial park. Swiss company GF sells nearly 1,000 sets of equipment on average per year, half of which is the result of its exhibition at the industrial park.

Swiss company GF sees strong sales in the Chinese market partly due to its exhibition at the Waigaoqiao industrial park. [Photo/Official WeChat account of the administrative committee of the Shanghai FTZ]

Bespoke services and high efficiency are key to maintaining stable cooperative partnerships with companies, said Zhang Hao, deputy director of Shanghai Waigaoqiao Free Trade Zone Group. For example, a special policy allows companies in the industrial park to obtain a bank guarantee for their products in less time.

At the inaugural edition of the China International Import Expo in 2018, booths of companies in the industrial park covered nearly 11,000 square meters, which accounted for one third of the intelligent industry and information technology exhibition area.

The industrial park is currently developing an IMT technology information platform, which is expected to promote cooperation between manufacturers, supply chain services providers, and clients, according to Zhang. It will also feature a business accelerator for Swiss small and medium-sized enterprises, as well as an innovative technology service center for German companies.