Workers install decorative panels and lighting on the landmark arch of the Ningbo area of the China (Zhejiang) Pilot Free Trade Zone in Ningbo, Zhejiang province, on May 29, 2021. [Photo/IC]

The Ningbo area of the China (Zhejiang) Pilot Free Trade Zone has seen its pilot program for cross-border trade and investment openness exceed $100 billion in total transactions for the first time.

So far, the area has cultivated 384 "high-quality enterprises for cross-border trade settlement", more than 70 percent of which are small and medium-sized enterprises.

Previously, foreign-trade payments required contracts, invoices, and customs declarations, often involving lengthy bank reviews. Now, companies recognized as high-quality enterprises can enjoy document-free processing, allowing cross-border fund settlements to be approved within minutes.

Since launching the pilot in January 2022, the Ningbo area has advanced high-level trade and investment liberalization, focusing on bulk commodities, international trade, and port logistics.

Aligning with high-standard global economic and trade rules, it has introduced a series of innovative cross-border financial policies to meet enterprises' diversified financing needs in emerging trade models.

As of August 2025, the area had handled 287,000 pilot transactions worth $106.5 billion, ranking first among China's initial four pilot areas. Several of its pioneering measures have since been replicated and promoted across other national pilot free trade zones.