Located in Suifenhe area of China (Heilongjiang) Pilot Free Trade Zone (FTZ), Longjiang Bank recently processed its first cross-border RMB payment as well as its first foreign exchange payment in RMB with a Russian person, thereby making headway in the provision of financial services in the FTZ.

Also in Suifenhe FTZ, the first batch of some 19 companies is ready for the border region's new pilot FTZ, which aims to make it the hub of cross-border trade with Russia. Many entrepreneurs are confident that their businesses will get bigger and go global from here to reach northeast Asia and a wider Belt and Road region. Such confidence brought Sazonov Vasilyevich's food company as the first registered Russian company to the Suifenhe FTZ. It took him only half a day to get his business permit, which used to take three working days. 

"I came to Suifenhe because of the free trade zone here," said the Russian businessman. He added that Suifenhe FTZ is at a good location close to Russia, which makes it convenient to do business and a good opportunity for Russian businessmen.

In the past six years, China has been scaling up the width and depth of its free trade zones nationwide, especially after the construction of new pilot border zones, the expansion of the earliest Shanghai zone, and the announcement that it will turn Hainan Province into a free trade port. 

Experts believe this throws the door wide open for business people both at home and abroad to compete on an equal playing field with Chinese entrepreneurs. 

Prof. Liu Baocheng from the University of International Business and Economics termed the pre-establishment treatment and release of negative list in Shanghai FTZ, which allowed foreign companies to freely enter China, as a huge success.