3 new FTZs follow Shanghai’s lead
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E-mail Shanghai Daily, April 21, 2015
Reducing red tape
Since its establishment in 2013, the Shanghai FTZ has introduced a raft of policies to reduce red tape, simplify customs procedures, limit government interference, widen market access across service sectors and deregulate financial markets.
The Guangdong zone will aim for better economic cooperation with Hong Kong and Macau, the State Council said. It will lower thresholds for Hong Kong and Macau investors, especially in areas such as financial services, shipping services and technology services, it said.
Hong Kong and Macau companies will be allowed to issue yuan-denominated bonds in the mainland and explore ways for firms in the zone to sell yuan-denominated shares in Hong Kong.
With its proximity to Taiwan, the Fujian zone will play a role in boosting cross-strait ties and become a “core region” of the 21st Century Maritime Silk Road — part of an initiative proposed by China in 2013 for improved cooperation with countries in a vast part of Asia, Europe and Africa.
It will promote advanced manufacturing, strategic emerging sectors and modern services companies from Taiwan to settle in the zone and further open up communication, transport, tourism and health care sectors to Taiwan investors.
The Tianjing free trade zone is positioned to promote integrated development with nearby Beijing and Hebei Province.
The State Council also released a new version of the negative list yesterday, which will be applied to the new free trade zones. The list specifies restrictions for foreign investment in 122 business areas, down from the previous 139 in the list adopted by the Shanghai zone.
“The reduction will greatly boost free trade zones’ openness and transparency,” assistant commerce minister Wang Shouwen told a press conference in Beijing yesterday.
According to the list, foreign investors will be barred from sectors such as air traffic control systems management, Internet mapping compilation and publication, radio and television program production and postal businesses.
Foreign investments are restricted to joint ventures with domestic companies in sectors such as health care, securities companies, mutual fund management and shipping agencies, according to the negative list.
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