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China to set up more free trade zones to revitalise slowing economy
THE establishment of local free trade zones (FTZs) will mark the next stage of China's economic development, according to news emerging from provincial-level policymaking meetings held ahead of the annual session of the National People's Congress in March, reports China Daily.
Local governments will embark on a new round of competition to obtain central government approval for such zones. Commerce officials say that the competition will likely continue throughout the nation's 13th Five-Year Plan (2016-20).
FTZs are designed to provide greater access and convenience for foreign companies to expand in China and for Chinese companies to move money abroad in diverse services and financial operations, as well as in manufacturing.
As many as 20 of the 31 provinces, municipalities and autonomous regions in China have either made plans or filed proposals with the central government to establish FTZs, including Liaoning, Henan and Hainan provinces and the Ningxia Hui autonomous region.
The nation currently has four FTZs, all along its coastline. It established its first pilot FTZ in Shanghai in 2013, followed by FTZs in Tianjin, Fujian and Guangdong.
A new batch of FTZs is expected to be finalised in the first half of the year. Most likely, the new batch will give priority to inland areas that will play a key role in the One Belt and One Road initiative, connecting with countries across Eurasia.
The director general of the Ministry of Commerce's Department of Foreign Investment Administration, Tang Wenhong, said the new batch is also expected to increase China's competitiveness in the Asia-Pacific region.
Local governments will embark on a new round of competition to obtain central government approval for such zones. Commerce officials say that the competition will likely continue throughout the nation's 13th Five-Year Plan (2016-20).
FTZs are designed to provide greater access and convenience for foreign companies to expand in China and for Chinese companies to move money abroad in diverse services and financial operations, as well as in manufacturing.
As many as 20 of the 31 provinces, municipalities and autonomous regions in China have either made plans or filed proposals with the central government to establish FTZs, including Liaoning, Henan and Hainan provinces and the Ningxia Hui autonomous region.
The nation currently has four FTZs, all along its coastline. It established its first pilot FTZ in Shanghai in 2013, followed by FTZs in Tianjin, Fujian and Guangdong.
A new batch of FTZs is expected to be finalised in the first half of the year. Most likely, the new batch will give priority to inland areas that will play a key role in the One Belt and One Road initiative, connecting with countries across Eurasia.
The director general of the Ministry of Commerce's Department of Foreign Investment Administration, Tang Wenhong, said the new batch is also expected to increase China's competitiveness in the Asia-Pacific region.
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