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China to Launch Seven New FTZs

The State Council has decided to set up seven new pilot Free Trade Zones (FTZs), to be located in Liaoning, Zhejiang, Henan, Hubei, Chongqing, Sichuan and Shaanxi, respectively.

Commerce Minister Gao Hucheng told Xinhua that the seven new FTZs will continue to rely on existing new districts and industrial parks approved by the State Council, deepening reforms and expanding opening-up in a much wider and larger scope with focus on system innovation.

Liaoning will press ahead with market-oriented reform in institutional mechanisms and structural adjustment to transform the northeast old industrial base into a more competitive area.

Zhejiang is expected to press ahead with commodity trade liberalisation by exploring the creation of free trade port area in Zhoushan.

Henan will build modern three-dimensional transport system and logistics system, linking the east with the west and giving access to the north from the south.

Hubei will nurture strategic emerging industries and build high-tech industrial bases, facilitating orderly transfer of industries in central China.

Chongqing will tap the potential in its strategic and connecting roles, further opening up the western region gateway cities.

Sichuan is to further open up the western region gateway cities and build strategic points in inland areas, creating synergies for opening up the inland and along the sea, border and rivers.

Shaanxi is to facilitate the Belt and Road Initiative as driving force in western development to further open up western region gateway cities, exploring new mode in economic and cultural exchanges between Chinese inland regions and countries along the Belt and Road.

Gao said that the Ministry of Commerce will work with relevant provinces and authorities to study and improve overall plans of new pilot FTZs, which are to be implemented after completion of approval process.

For more information in Chinese, please see:

www.mofcom.gov.cn/article/ae/ai/201608/20160801384550.shtml

Content provided by Picture: HKTDC Research
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