With the implementation of administrative reforms and favorable policies, the newly approved Hunan pilot free trade zone plans to create a more open market for businesses.

According to the local government, the zone will accelerate the application of 5G and artificial intelligence, promote Internet Plus government services, and deepen the "one thing once" reform by allowing more foreign products to enter and facilitating customs clearance to reduce the costs for enterprises.

"The more convenient government services will save companies a lot of time and effort, and stimulate entrepreneurship and enthusiasm," said a director of the zone.

To foster innovation and entrepreneurship, the zone intends to implement a more active, open and effective talent policy, strengthen the incentive mechanism for innovation and entrepreneurship, and encourage people to start their own businesses. As companies in the pilot free trade zone settle in, the zone will provide a growing number of job opportunities.

The construction of the zone will not only bring new opportunities to enterprises, but also change the lives of the people and bring their quality of life in line with international standards, the director said.

The zone aims to strengthen cooperation among the cultural and creative industries in Hunan, Guangdong province and the Hong Kong and Macao special administrative regions and become a world-leading 5G video and e-sports industrial base.

The zone will also facilitate the settlement of foreign exchange receipts and payments for the resale of bonded goods, improve the cross-border e-commerce foreign exchange receipt and payment system and allow cross-border e-commerce overseas warehouse export enterprises to return payments based on actual sales.

It will also support the development of external investment and loan linkages as well as financial services including intellectual property pledges, equity pledges, and technology financing guarantee.