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China sets up 6 new Free Trade Zones for further reform and opening up
2019/08/27 06:53:53
free trade zone, trade, real economy

Aug 27, 2019 (China Knowledge) - The State Council of China rolled out a plan yesterday to set up an additional six pilot free trade zones (FTZs), raising the country's pilot zones to 18. The new measure taken by Beijing is to strengthen China's trade ties with neighboring countries and regions as well as further open up to the world.

The new special economic zones will be set up at six provinces including Shandong, Hebei, Jiangsu, Guangxi, Yunnan, and Heilongjiang. Shandong and Jiangsu rank the second and the third spots in terms of provincial economies, while Guangxi, Yunnan, and Heilongjiang are less developed.

The coverage of the six new trade zones reaches 120 square kilometers, with each FTZ focusing on specific development goals based on their geographic features.

The Shandong FTZ, located in a coastal province in the East China region, is set to explore economic partnerships with Japan and South Korea and boost industrial upgrading. The Hebei FTZ is designed to facilitate the regional integration of Beijing, Tianjin, and Hebei, emphasizing on the development of big data, digital trade, and green finance.

The deputy governor of Jiangsu Province said Jiangsu FTZ will be built to boost overseas investment cooperation. Meanwhile, the economic zone will be a testing ground to strengthen the financial support for the real economy and innovative development in the manufacturing sector.

The new economic zone in Guangxi will help this autonomous region to construct international transport routes, building itself a gateway connecting the coast with western China’s hinterland. The new zone will also help to facilitate China’s cooperation with the Association of Southeast Asia Nations (ASEAN). Similarly, the pilot economic zone in Yunnan will improve collaboration with Southeast Asian countries in cross-border insurance and other financial service businesses.  

The Heilongjiang FTZ in Northeast China, will focus on the construction of a logistics hub with Russia and other regions in Northeast Asia.

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