China adds 3 free trade zones -September,2020
On September 21, the central government decided to set up new pilot free trade zones in Beijing, Hunan, Anhui and Zhejiang, and issued four overall plans. China’s free trade zones have increased to 21.
The implementation scope of Beijing Pilot free trade zone is 119.68 square kilometers, covering science and technology innovation area, international business service area and high-end industry area, focusing on the construction of science and technology, service industry and digital economy.
Overall plan for the construction of Hainan free trade port -June 1, 2020
Basically zero tariff for trade in goods; Both free access and operation for service trade and to relax the market access of Hainan free trade port and open capital projects in stages; More open talent and residence suspension policy to high-end industrial talents; highly free, convenient and open transport policy to the outside world; To promote the construction of an international shipping hub and an aviation hub for the new land sea corridor in the West. On the premise of ensuring the safety and controllability of data flow, to expand the opening of data field and foster the development of digital economy.
6 new FTZs-August 2019
- Shandong province: Marine Characteristic Industries and Local Economic Cooperation among China, Japan and Korea
- Guangxi:ASEAN Cooperation and the Port of Land-Sea Interconnection in the West
- Hebei: International Commodity Trade, Biomedicine and Life and Health Industry
- Yunnan: Border Economic Cooperation
- Jiangsu: Financial Support to Real Economy and Innovative Development of Manufacturing Industry
- Heiloniang: Russia and Northeast Asia Transportation and Logistics Hub
China Free Trade Pilot Area Development Report (2019)
21 June, The Ministry of Commerce issued the Development Report of China Free Trade Pilot Area (2019). More than 600,000 new enterprises and nearly 40,000 foreign-funded enterprises have been set up in the 11 free trade pilot zones. They have absorbed 12% of foreign investment and created 12% of the import and export volume in less than two-tenths of the country’s total area.
Opinions on supporting Free Trade Areas, deepening innovation and reform-State Council, Nov,2018
- Authorization of project approval categories, such as construction permits for construction projects and production safety permits for construction enterprises, shall be delegated to the Free Trade Test Zone.
- When a wholly foreign-owned construction enterprise undertakes a joint construction project between China and foreign countries in its own province (city), it shall not be restricted by the proportion of foreign investment in the construction project.
- Launching Tax Services Initiative in line with International Standards
- Building International Trade Platforms and Spot Exchange Markets for Energy, Industrial Raw Materials and Large-scale Agricultural Products in accordance with the Law and Regulations
- Pilot Project of Customs Tax Guarantee Insurance
- Parallel Import Bonded Warehousing Business of Pilot Vehicles Implementing the Record Management of Imported Non-Special Purpose Cosmetics
- Support Zhengzhou Airport and Xi’an Airport to use the Fifth Aviation Right to allow foreign airlines to carry passenger and cargo business to third countries in negotiations on foreign air rights
- Banking financial institutions in the FTA pilot area are allowed to handle RMB derivatives and other business for overseas institutions.
- Promote the use of Renminbi in commodity trading and “Belt & Road” countries and regions in oil products and other commodities trade.
7 new pilot free trade zones-March, 2017
province of Shanxi, Sichuan, Liaoning, Hubei, Zhejiang and Henan plus Chongqing, municipality directly under the central government with respective framwork plans
Framework for the Guangdong, Tianjin and Fujian Pilot Free Trade Zones.-
The Pilot Free Trade Zones (“Pilot FTZs”) pioneer an unprecedented degree of openness in relation to foreign investment and international trade in both goods and services, with the objective of promoting and leading the development of an open Chinese economy.