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China Opens Seven New Free Trade Zones

The State Council recently released framework plans for seven pilot free trade zones (FTZs), namely in Liaoning, Zhejiang, Henan, Hubei, Chongqing, Sichuan and Shaanxi.

The framework plans pinpoint the need for the pilot FTZs to take institutional innovation as their kernel task and the accumulation of replicable and scalable experience as their basic requirement. They will take the lead to tap the potential of reform in areas such as building a new open economy system, a new inland open economic development model and a rules-based, facilitative, international business environment. They will exert to deepen the reform of the administrative system, improve administrative efficiency, and further advance the reform of streamlining administration and delegating power to the lower levels, combining delegation of power with effective oversight, and optimising services. They will also promote the implementation of the strategies of western region development, revitalising northeastern China, bringing about the rise of the central region, developing the Yangtze River Economic Belt, and the “Belt and Road” initiative.

Framework Plan for the China (Liaoning) Pilot FTZ: After three to five years of reform explorations, the Liaoning Pilot FTZ will form an institutional innovation system that is in line with international investment and trading practices, strive to complete the building of high-level and high-standard free trade parks with clustering of high-end industries, investment and trade facilitation, good financial services, efficient and convenient supervision, and a well-regulated, rules-based business environment, and lead northeastern China in changing their mode of economic development.

Framework Plan for the China (Zhejiang) Pilot FTZ: After three to five years of reform explorations with unique characteristics, the Zhejiang Pilot FTZ will basically achieve investment and trade facilitation, clustering of high-end industries and a significant improvement in global allocation capability for bulk commodities with petroleum products at the core. Steps should be taken to initially complete the building of a pioneer free trade port area in line with international standards.

Framework Plan for the China (Henan) Pilot FTZ: After three to five years of reform explorations, the Henan Pilot FTZ will form an institutional innovation system that is in line with international investment and trading practices. It will develop a new pattern of all-round opening up with investment and trade facilitation, clustering of high-end industries and good accessibility in terms of transportation and logistics that can lead the transformation and development of the inland economy.

Framework Plan for the China (Hubei) Pilot FTZ: After three to five years of reform explorations, the Hubei Pilot FTZ will strive to complete the building of high-level and high-standard free trade parks with clustering of high-end industries and active innovation and entrepreneurship that play a significant role in influencing and leading other places, and in alignment with the international system of high-standard trade and investment rules. It will play an exemplary role in implementing the strategy of bringing about the rise of central China and promoting the development of the Yangtze River Economic Belt.

Framework Plan for the China (Chongqing) Pilot FTZ: After three to five years of reform explorations, the Chongqing Pilot FTZ will strive to complete the building of high-end industrial clusters with investment and trade facilitation measures. It will also strive to complete the building of an international logistics hub, a port as well as an (inland open-economic) highland in the service of “Belt and Road” construction and the development of the Yangtze River Economic Belt, push forward the building of a new pattern of all-round opening of gateway cities in the western region, and give impetus to the in-depth implementation of the strategy of western region development.  

Framework Plan for the China (Sichuan) Pilot FTZ: After three to five years of reform explorations, the Sichuan Pilot FTZ will strive to build a well-regulated, rules-based business environment with investment and trade facilitation measures. It will play an exemplary role in building an inland open-economic highland and deeply pushing forward the strategies of western region development and development of the Yangtze River Economic Belt.

Framework Plan for the China (Shaanxi) Pilot FTZ: After three to five years of reform explorations, the Shaanxi Pilot FTZ will form an institutional innovation system that is in line with international investment and trade practices, strive to complete the building of high-level and high-standard free trade parks with investment and trade facilitation measures, clustering of high-end industries, good financial services, in-depth people-to-people exchanges, efficient and convenient supervision and a well-regulated, rules-based business environment, and push forward the deep implementation of the strategies of “Belt and Road” and western region development.

See following websites for further details in Chinese:

Framework Plan for the China (Liaoning) Pilot FTZ

Framework Plan for the China (Zhejiang) Pilot FTZ

Framework Plan for the China (Henan) Pilot FTZ

Framework Plan for the China (Hubei) Pilot FTZ

Framework Plan for the China (Chongqing) Pilot FTZ

Framework Plan for the China (Sichuan) Pilot FTZ

Framework Plan for the China (Shaanix) Pilot FTZ

Content provided by Picture: HKTDC Research
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