CHINA GUANGXI'S CROSS-BORDER TRADE QUALITY IMPROVED, UPGRADED

KUALA LUMPUR, March 15 (Bernama) -- Optimisation and adjustment of entry-exit policies this year have allowed the major trade corridor linking China to Southeast Asian (ASEAN) countries and the rest of the world to regain its previous bustling and vibrant atmosphere.

Currently, trucks loaded with goods are crossing China-Vietnam border at the Youyiguan Port in Pingxiang City, Guangxi, according to the Management Committee of China (Guangxi) Pilot Free Trade Zone in a statement.

In recent years, Guangxi has vigorously supported the infrastructure construction of key border ports, including more inspection checkpoints and larger cargo transfer sites. At the Youyiguan Port, it only takes around a minute or even less for trucks to pass through the checkpoint.

The improvement of customs clearance efficiency has genuinely unleashed the potentials of the port, while Guangxi's border financial reform has provided great convenience for cross-border trade.

Financial reform along the border has also benefited the people of both China and Vietnam, and cross-border trade has become more prosperous.

In recent years, financial institutions such as Bank of Guilin have successively carried out cross-border transfer of Chinese renminbi (RMB) and Vietnamese dong (VDN) banknotes, and cross-border finance has gradually expanded from merely a transaction settlement business to multiple fields.

Guangxi's excellent border infrastructure is a guarantee for the rapid recovery of cross-border trade and the border has been veritably enhanced due to the concerted efforts of multiple parties.

Chongzuo District Management Committee of China (Guangxi) Pilot Free Trade Zone, Executive Deputy Director, Wu Xiaohui said: “Pingxiang has 13 cross-border railway trains and 22 cross-border highway logistics lines, capable of reaching more than 20 major hub cities in ASEAN countries, with logistics network covering the Indo-China Peninsula.”

In order to facilitate investment, trade, cross-border capitals and transportation, the People's Government of Guangxi Zhuang Autonomous Region recently issued a multi-pronged plan to further promote the deepening of reforms and advance opening-up efforts.

In terms of open development and exploration and innovation, the China (Guangxi) Pilot Free Trade Zone will hasten the exploration of institutional opening-up; and carry out pilot trials and risk stress tests in key areas such as trade in services, financial opening, and digital economy, among others.

-- BERNAMA