Business booms at Xinjiang border ports(3)

Special: Xinjiang

Bright prospects

On Nov 1, the Xinjiang Pilot Free Trade Zone, the first in China's northwestern border regions, officially started operations.

The zone, which includes areas of Horgos, is expected to support core area development of the BRI, play a significant role in building a "golden channel" between Asia and Europe, and act as a bridgehead for China's westward opening up.

Hu, the Horgos Port Administration official, said, "This is an added bonus for Horgos, which is already an open platform.

"We will introduce more favorable measures to attract businesses to invest in Horgos, and guarantee their operations."

In recent days, representatives from numerous enterprises have visited Horgos to explore potential business opportunities, with a keen focus on understanding policies associated with the free trade zone, Hu said.

Local statistics show that in just 10 days, 12 enterprises signed contracts to invest a total of 12.6 billion yuan in Horgos.

On Nov 3, Bank CenterCredit, a Kazakh commercial bank, officially established a hub for international traders at the China-Kazakhstan Horgos International Border Cooperation Center.

The center straddles the China-Kazakhstan border and allows citizens of the two countries and certain other nations to enter and exit without visas, provided they have valid identification documents.

The bank is the first foreign lender to settle in the region since the establishment of the free trade zone, which is poised to provide more comprehensive cross-border financial services to Chinese and Kazakh enterprises and residents.

Staff member Ayazhan Tolegenova said some 500 individuals and 10 enterprises from Kazakhstan have already opened accounts with the bank.

She added that many Chinese companies have also shown an interest in the bank's competitive interest rates for deposits.