China's Guangdong Free Trade Zone (FTZ), a pivotal testing ground for economic reforms, has reported a decade of rapid expansion, with annual import-export growth averaging over 24% since its launch in 2015, according to the latest briefing by China's Ministry of Commerce.

The FTZ, which includes the Nansha area in Guangzhou, the Qianhai-Shekou area in Shenzhen, and the Hengqin area near Zhuhai, saw its total trade volume surge from 110 billion yuan in 2015 to 740 billion yuan in 2024. Cumulative fixed-asset investment has surpassed 1.3 trillion yuan, underscoring its role as a magnet for global capital and innovation.

Guangdong FTZ has leveraged tailored reforms across its three hubs to cultivate cutting-edge industries.

The Nansha area, adjacent to Hong Kong, has emerged as a hub for advanced manufacturing and offshore finance. Heavy machinery, shipbuilding, and marine engineering now account for over 70% of its industrial output. A newly launched "white list" system for offshore trade has streamlined cross-border transactions, propelling its offshore trade volume to $2.85 billion in 2024.

The Qianhai-Shekou area, known as Shenzhen's financial gateway, has implemented 14 pioneering financial policies, including cross-border yuan lending and an "offshore non-settlement forex purchase" mechanism. Its logistics innovations, such as the "global central warehouse" model, have reduced costs for multinational firms. The district now hosts 18 specialized clusters spanning fintech, commodities trading, and tech services.

The Hengqin area, positioned as a bridge to Macao, is accelerating integration with the neighboring Special Administrative Region (SAR). It has prioritized semiconductor research and development by establishing a Guangdong-Macao chip design park while also nurturing Macao's traditional sectors, such as Chinese medicine. A dedicated biotech park and a cross-border e-commerce hub further diversify its economy. Since its inception, Hengqin's multi-currency "EF Account" system, which facilitates seamless capital flows between the mainland and Macao, has processed over 110 billion yuan ($15.2 billion).

The FTZ's success reflects China's broader push to revitalize foreign investor confidence amid economic headwinds. With its unique "one zone, three engines" model, the Guangdong FTZ aims to set benchmarks for trade liberalization ahead of the nation's 2025 modernization targets.

Cover image | Nanfang Plus