Apr 21, 2017 (China Knowledge) – In the third batch of
Free Trade Zones (FTZ) announced by vice minister of Commerce, Wang Shouwen
seven more will be added to bring the number to thirteen. This time the
provinces included are mainly located in the inland region.
The provinces selected are Liaoning,
Zhejiang, Henan, Hubei, Sichuan and Shaanxi. Chongqing, the municipality
located in the western region, also joins the list, and it is the third after
Shanghai and Tianjin.
These new FTZs will align with the country's
national economic strategies such as One Belt One Road that link the economic
corridors that link Middle East, South East Asia, South Asia, large part of
Among the country's thousands of industrial
parks where many have matured and usually focus on certain types of investments
and industries the FTZ concept offer foreign companies easier domestic market
access, convenience setup, favorable tax treatments and freer and more
efficient administration is conducive for both local and foreign companies.
Shanghai Free Trade Zone, the first to launch
this concept in 2013, has received huge investments; especially businesses in
import-export, logistic and financial services. Last year more than RMB 88
billion were invested in the first four FTZs located in Shanghai, Fujian,
Guangdong and Tianjin, and total revenues generated these FTZs amounted to RMB
409 billion where growth beats the national average.
At the press conference Wang says the pilot
FTZs could speed up the country's market liberalization and attract more
diverse range of foreign business participation.
As of to date China has developed some five
thousands industrial of different industry focus and vary in output scale. Some
of which like the AAA-rated Beijing E-Town, Guangzhou Development District,
Kunshan Economic & Technological Development Zone (ETDZ), Qingdao ETDZ,
Yantai ETDZ, Dalian ETDZ, Tianjin TEDA, Zhongguancun Science Park and Singapore
Suzhou Industrial Park each generates over US$ 50 billion GDP, or almost the
size of entire Croatia.