China Designates Three Free Trade Pilot Zones Including Capital Beijing
Beijing to Foster Services Including Establishment of Global Startup Investment Center
Additional Free Trade Pilot Zones Designated in Key Areas to Attract Overseas Investment
[Asia Economy Beijing=Special Correspondent Jo Young-shin] The Chinese government will additionally establish free trade pilot zones (FTZs) in three locations including the capital Beijing, southern Hunan Province, and eastern Anhui Province. The Chinese government also decided to expand the Zhoushan Free Trade Pilot Zone in Zhejiang Province.
Chinese media such as the state-run Global Times, People’s Daily Online, and Xinhua News Agency reported on the 21st that the Ministry of Commerce of China announced this policy.
A free trade pilot zone refers to an economic special zone where tariffs and value-added taxes on goods are exempted to ensure free logistics, distribution, and trade activities. Since the first free trade pilot zone was designated in Shanghai in 2013, 18 zones have been designated so far, and three more have been added this time.
It appears that the Chinese government is increasing the number of free trade pilot zones to attract foreign investment and promote trade.
In particular, the capital Beijing is known to plan to operate the free trade pilot zone focusing on the service and digital sectors.
To this end, a site of 119.68㎢ will be prepared to build a digital economy including IT services, and a global startup investment center will also be established.
The Hunan Free Trade Pilot Zone will be utilized as an outpost leading international cooperation with African countries.
The Anhui Free Trade Pilot Zone, located in the Yangtze River economic belt, is the Chinese government’s plan to develop the area as a region focusing on smart-related technologies such as artificial intelligence (AI).
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The Ministry of Commerce of China explained, "Free trade zones are a shortcut to becoming a world-class industrial country," and added, "We will expand the introduction of free trade pilot zones to various cities in the future."
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