4 Sept 2019
China Announces Sites and Priorities for Six Further Pilot Free Trade Zones
China has designated six provinces / autonomous regions as sites for additional Pilot Free Trade Zones (FTZs) – Shandong, Jiangsu, Guangxi, Hebei, Yunnan and Heilongjiang.
Full details of the initiative were outlined in the Circular on Issuing the Overall Plan for the Six New Pilot Free Trade Zones, as issued by the State Council on 26 August.
The Circular also outlined four priorities for this new tranche of FTZs:
- With institutional innovation a key consideration and on the basis of implementing the lessons learnt from existing pilot FTZs, each of the new zones adopt the investment, trade, finance, operational and post-operational oversight that best match the characteristics of their host province / autonomous region
- In a bid to leverage on the advantages of each individual location, every effort is to be made to deepen trade and economic co-operation with neighbouring countries and regions
- Any developmental problems are to be tackled via institutional innovation in order to ensure a high quality of sustained development
- Every effort is to be made to comply with the highest level of international economic and trade regulations
Source: State Council of China