Member ID:
Stay logged in for 30 days
Forget Your Password?

login CCFGroup App

Economy | Time: Aug 27 2019 10:16AM
Six new FTZs take opening to higher level
Text size
Zones to carry out reforms in line with their positioning, local characteristics

The six newly established free trade zones in China will further facilitate high-level opening-up and boost high-quality development through deeper reforms, the Ministry of Commerce said on Monday.

The fresh batch of FTZs are located in Shandong, Jiangsu, Hebei, Yunnan and Heilongjiang provinces, and the Guangxi Zhuang autonomous region. So far, 18 FTZs have sprung up across the country.

Wang Shouwen, vice-minister of commerce, said the move shows the government's resolve to achieve high-level opening-up and support an opening world economy.

In order to better serve the overall strategy, the six FTZs will tap into their geographical advantages to deepen trade and economic cooperation with neighboring countries and regions, Wang said at a news conference.

For instance, Guangxi FTZ aims to promote cross-border trade, logistics and labor cooperation and to boost opening-up in border areas, Wang said. Heilongjiang FTZ will step up cooperation with Russia by facilitating movement of people across the border and encouraging companies to expand overseas, he said.

The pilot FTZs carry out differentiated reform tasks that are in line with their strategic positioning and local characteristics, according to the overall plan released by the State Council on Monday.

Jiangsu FTZ will enhance overseas investment cooperation, strengthen the role of the financial sector in supporting the real economy and promote innovative development in the manufacturing sector, Guo Yuanqiang, deputy governor of Jiangsu province, told reporters.

Yang Jinbai, vice-chairman of the Guangxi Zhuang autonomous region, said Guangxi will construct international transport routes, build a pioneering zone for China-ASEAN cooperation, and develop itself into a gateway in the west for connectivity.

Xia Yanjun, deputy governor of Hebei province, said the province's FTZ will step up efforts to boost international trade in commodities, open up the biomedicine and health sectors, and foster innovation in life sciences and bio-technologies.

China's first free trade zone was set up in Shanghai in 2013. Then the country added four more batches of FTZs, including the coastal provinces of Fujian and Guangdong and the inland provinces of Shaanxi and Sichuan.

In the past five years, bold steps have been taken in investment, trade liberalization and facilitation, support of financial services for the real economy and transforming government functions with remarkable progress, Wang said. Citing related data, he said FTZs have become a major force in attracting foreign investment.

The newly set-up FTZs will help address difficult issues, boost high-quality development, enhance efficiency and foster emerging industries, Wang said.

Wang said the ministry will ensure the new FTZs contribute to national strategies such as the Belt and Road Initiative, the integrated development of Beijing, Tianjin and Hebei, and the development of the Yangtze River Economic Belt.

The ministry will guide the FTZs to strengthen bottom-line thinking and risk awareness, Wang said. Advanced FTZ experiences will be replicated nationwide, he added.

Source: www.chinadaily.com.cn
Related Articles
China to always welcome foreign firms including US ones to invest
China's achievements exceed expectations: expert
China's September CPI expected to remain stable: analysts
China's listed companies upbeat about Q3 performance
Monetary policy remains prudent, central bank says
Nation plans more steps to boost consumption
Consumer inflation rises by 2.8 percent in August
Retail Imports Surging Again Ahead Of More Tariffs
China's coal-rich province to cut 18.95 mln tonnes of coal
China's industrial profits rise 2.6% in July
Cotton linter and refined cotton market outlook in 2019/20 ...
Spandex supply and demand in 2019 and market outlook
Longitudinal data change of MEG under expansion cycle and ...
PTA: H1 2019 market review and H2 market forecast
Brief analysis on the annual report of listed companies in ...
Polyester market in 2019: H1 2019 market review and H2 ...