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Free Trade Zone policies issued to promote international developmen

  New company obtaining business license at the Hubei Pilot Free Trade Zone Photo by Ren Yong

  The plaque unveiling ceremony of the Hubei Pilot Free Trade Zone was held in Wuhan on April 1. On the same day, Wuhan East Lake High-tech Development Zone issued the "Implementation Suggestions of Wuhan East Lake High-tech Development Zone on Promoting the International Development," aiming to enhance the internationalization of the Hubei Free Trade Zone (Wuhan area).

  Covering 70 square kilometers, the Wuhan area is the biggest part of the Hubei Pilot Free Trade Zone and is located in the East Lake High-tech Development Zone.

  The "Implementation Suggestions" focus on longterm planning, bolstering areas of weakness and connecting with national strategies.

  A special fund of RMB 1 billion has been set up for the international development of the development zone.

  According to the policies, globally prestigious enterprises and universities that set up a research and development center with independent corporate capacity or a national level international cooperation base in the zone will be subsidized with a maximum sum of RMB 5 million and RMB 3 million, respectively. The zone will launch a "Belt and Road" initiative development fund with an overall scale of RMB 5 billion.