China approved establishing the China (Inner Mongolia) Pilot Free Trade Zone in a State Council circular issued on April 9, an important and strategic measure to boost high-standard opening-up.

The circular called for leveraging Inner Mongolia’s geographical advantages to deeply participate in the joint construction of the Belt and Road Initiative and the China-Mongolia-Russia Economic Corridor.

It should build itself into an information exchange center, a transportation and logistics center, a factors and resources allocation center, a center for scientific and technological innovation, and an industrial cooperation center in key fields, linking both domestically and internationally while driving development of surrounding areas, the circular said.

The FTZ covers 119.74 square kilometers in total, according to the circular, comprising three subzones: 76.28 square kilometers in Hohhot, 25.11 square kilometers in Manzhouli, and 18.35 square kilometers in Erenhot.

To build the zone into a key trade hub, work will be done to promote the upgrading of trade in goods, inject more vitality into service trade, and innovate ways to promote border trade.

It will step up efforts to establish cooperation mechanisms with neighboring countries in inspection, testing, and certification, as well as introduce international premium sports events and develop distinctive sports tourism products.

Multiple measures will also be taken to improve the quality and efficiency of mutual investment, the circular said. The zone will intensify efforts to attract and utilize foreign investment, and continue to deepen outbound investment and cooperation.

Meanwhile, the FTZ will enhance its service capacity in international logistics, cross-border freight trains, and drive the development of port economy to better serve as the bridgehead for China's opening-up to the north.

To build a modernized industrial system with distinct advantages, the zone will promote the high-quality and efficient development of agriculture and animal husbandry, improve the development levels of energy and strategic resources industries, establish a green computing power support hub, and boost the growth momentum of the pharmaceutical industry.