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China (Hubei) Pilot Free Trade Zone

Officially launched on 1 April 2017, the Hubei Pilot Free Trade Zone (FTZ) forms part of the third batch of government-endorsed pilot FTZs. All told, the zone covers an area of 119.96 sq kilometres and is broken down into three sub-zones: The Wuhan Area (70 sq kilometres inclusive of the Wuhan East Lake Comprehensive Bonded Zone (5.41 sq kilometres)), the Xiangyang Area (21.99 sq kilometres inclusive of the Xiangyang Bonded Logistics Centre (Type B) (0.281 sq kilometres)), and the Yichang Area (27.97 sq kilometres).

Development Goals

In line with the Overall Plan for the China (Hubei) Pilot FTZ (see Chinese version), as approved by the State Council, over the next three to five years, the Hubei FTZ will set out to maximise international investment and trade facilitation, develop a high-level, high quality free trade park and nurture a cluster of high-end industries. Through continued innovation and active entrepreneurship, it will also seek to offer a high level of financial services and efficient and convenient supervision, while playing a leading role as a model for the wider business community. Ultimately, it will aim to play a key role in the positive evolution of the central China region and the ongoing development of the Yangtze River Economic Belt.

Foreign Investment Management

The Special Administrative Measures (Negative List) on Foreign Investment Access (See Chinese version), issued by the National Development and Reform Commission, set out unified special management measures governing issues such as equity ratios and senior management personnel of businesses operating in FTZs in China. For industry sectors falling outside the scope of the negative list, the principle of foreign and domestic investors receiving the same treatment will apply.

Special administrative measures relating to national security, public order, public culture, financial prudence, government procurement, subsidies, special procedures and tax-related matters not on the negative list remain subject to existing provisions. Foreign investment concerning national security is subject to review in accordance with the Tentative Measures for the National Security Review of Foreign Investment in Free Trade Zones (See Chinese version).

Positioning of Sub-zones

Wuhan Area

This site will focus on the development of a number of strategic and emerging industries, including next-generation information technology, life sciences, health and smart manufacturing. In terms of the services sector, it will look to develop specialties in international commerce, financial services, modern logistics, inspection/testing, R&D/design, information services and a number of other professional areas.

Xiangyang Area

This will focus on high-end equipment manufacturing, new-energy vehicles, big data, cloud computing, commercial logistics and inspection/testing.

Yichang Area

The high technology industries will be the primary focus here, most notably advanced manufacturing, biomedicine, electronic information and new materials. Its service remit, meanwhile, will extend to R&D/design, headquarters economy and e-commerce.

Policy and Regulatory Updates

For the latest information, please consult the following websites:

China (Hubei) Pilot Free Trade Zone

China (Hubei) Pilot Free Trade Zone Wuhan Area

China (Hubei) Pilot Free Trade Zone Xiangyang Area (Chinese only)

China (Hubei) Pilot Free Trade Zone Yichang Area (Chinese only)

 

Please click here to view the latest articles of China Pilot Free Trade Zones.

Content provided by Picture: HKTDC Research
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