Eighty-eight business projects with a total contracted investment of 126.2 billion yuan ($18.93 billion) were signed in the Harbin area of the China Heilongjiang Pilot Free Trade Zone (Harbin FTZ) in 2020.

During the last year, 4,225 enterprises have been started or registered in the Harbin FTZ – an average of 11 new companies added every day.

According to an assessment by PricewaterhouseCoopers, the Harbin FTZ’s business environment ranking in 2020 has climbed 29 places among the 190 economies in the world compared with its ranking in 2019.

Harbin FTZ was approved by the State Council–China’s Cabinet–on Aug 26, 2019.
 
It aims to become a highland for wide-ranging commerce between Russia and Northeast Asia, a national logistics hub connecting domestic and Eurasian regions and a growth springboard and demonstration zone for the full-scale revitalization of China’s Northeast.
 
The Harbin FTZ is located in the Harbin New Zone in Harbin, the capital city of Northeast China’s Heilongjiang province. It has a planned area of 79.86 square kilometers.

Over the past couple of years, the Harbin FTZ has committed to improving its competitiveness through better public government services and a more convenient business environment.

For example, Harbin Bank has established a "one-stop" comprehensive financial service platform for Russian companies in Harbin FTZ.

The platform has such functions as cross-border settlement, financing, online e-commerce payment, cash transfer and research and development of unique products for the Russian market.

It can provide convenient offshore financial services for various economic and trade entities doing business with Russia and help the Harbin FTZ to improve its service capabilities with Russia.