3 new FTZs follow Shanghai’s lead
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E-mail Shanghai Daily, April 21, 2015
China is launching three new free trade zones today, building on a project that began in Shanghai.
They will be in the southern province of Guangdong, the northern port of Tianjin and the southeastern province of Fujian. Each will cover around 120 square kilometers, the State Council said yesterday.
China’s first FTZ, set up in Shanghai in September 2013, will also be quadrupled in size, it said, taking in the Lujiazui financial hub, the manufacturing zone of Jinqiao and the high-tech base of Zhangjiang. This will increase its area more than four-fold to 120.27 square kilometers.
“Setting up free trade zones is a significant step for the country to step up government role transformation, innovate management, and facilitate trade and investment,” the State Council said in a statement on its website.
“FTZs are important for exploring new paths and acquiring new experiences for further reforms and opening-up,” it added.
The State Council set out 25 guidelines for Shanghai to build the FTZ “with the highest degree of openness, full convertibility of currencies, a high-efficient regulatory system and a normative legal environment.”
It said Shanghai should continue to strengthen the social credit system, enhance information sharing among different departments, and boost administrative transparency.
It also called for easier procedures for business affairs, wider access to service and advanced manufacturing sectors, and better systems to promote trade upgrading and shipping industry development.
“Shanghai FTZ will be a crucial carrier for China to further integrate into the global economy and drive the building of ‘One Belt, One Road’ and the development of the Yangtze River Economic Belt,” the State Council said.
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