Lanzhou to open free trade zone

The main construction of the Lanzhou New Area Free Trade Zone?was completed. [Photo/xinhuanet.com]

Construction work on the Lanzhou New Area Free Trade Zone in Lanzhou city, in Northwest China's Gansu province, is expected to be completed by the end of June, according to Lanzhou New Area's management committee.

Around 39 enterprises have registered in the Free Trade Zone, along with 10 projects worth 2.17 billion yuan, which are expected to be introduced to the zone.

Lanzhou New Area Free Trade Zone is under construction on May 8. [Photo/xinhuanet.com]

The Lanzhou New Area Free Trade Zone project received approval from the State Council in July, 2014. So far, 90 percent of the main construction of the trade zone has been completed after having received an investment of approximately 810 million yuan.

Workers paint the building at the warehousing and logistics area of the Lanzhou New Area Free Trade Zone. [Photo/xinhuanet.com]

Once opened, the Lanzhou New Area Free Trade Zone will play a vital role in the Silk Road Economic Belt - the economic area connecting China and Central Asia and European countries – as it will focus on trade and business and promote an export-oriented economy. The trade zone is expected to develop into an exportation manufacturing base, producing biological medicine, high-end equipment and agricultural products.

Edited by Jacob Hooson