3 new FTZs follow Shanghai’s lead
Print Edition
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.
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
