Wuhan East Lake Free Trade Zone (FTZ) was awarded the prestigious "Double-A" rating in the "2024 Performance Evaluation Results for National Free Trade Zones" announced by the General Administration of Customs on Aug 26, becoming the only Double-A free trade zone in Hubei province to achieve the feat.

The Wuhan East Lake Free Trade Zone. [Photo/WeChat account of Optics Valley of China]

Among 154 zones evaluated nationwide, East Lake FTZ climbed to the 15th position, marking its highest ranking since its establishment in 2011. The General Administration of Customs highlighted its exceptional performance in innovative regulatory measures.

The annual performance evaluation serves as a comprehensive assessment of free trade zones' high-level opening-up and quality development, covering over 30 indicators across five categories: scale, quality, development and utilization, service outreach, and business model innovation.

Over a decade of development, East Lake FTZ has become the most effective and functionally comprehensive customs special supervision area in the province, with a cumulative import and export value exceeding 700 billion yuan ($97.91 billion). The zone hosts 1,683 registered businesses, including nine national specialized and innovative enterprises, nearly 180 high-tech companies, and 19 Fortune Global 500 companies.