BEIJING, Jan. 31 (Xinhua) -- Local authorities in China are speeding up efforts to formulate plans for free trade zone (FTZ) upgrading and expansion for further reform and opening-up, according to Xinhua-run Economic Information Daily.
Of the 12 provinces and municipalities setting up FTZs, institutional innovation has been put in the first place in their agenda in 2019.
For example, Sichuan Province proposed to speed up the construction of the FTZ, further decentralize the provincial management authority, and strive to build national open ports and a comprehensive bonded zone.
Zhejiang Province said that it will accelerate the innovation and development of the FTZ, build an international oil trading center, and promote renminbi settlement for the international trade of bulk commodities such as oil and gas.
Fujian Province vowed to enlarge and strengthen the key business such as vehicle import and aviation maintenance.
As a pioneer in China's FTZ development and reform, Shanghai will build a new section for the FTZ and adopt policies and systems in alignment with international norms to upgrade the FTZ, according to Ying Yong, mayor of Shanghai.
In addition, south China's Hainan will study and formulate the overall plan for the free trade port this year and promote introduction of the plan as soon as possible.
This year, Hainan will pay close attention to the design of the free trade port policy and system, press ahead with the construction of the free trade port, and strive to implement some policies of the free trade port in fields such as modern service industry and high-tech industry, said Shen Xiaoming, governor of Hainan Province, at the annual session of the provincial people's congress on January 27.
Shen said that Hainan will establish an improved statistical system for the free trade zone and the free trade port, use the big data and artificial intelligence technology to realize the real-time and full coverage of people flows, logistics and capital flows into and out of the island province.
Meanwhile, in the process of building the free trade port, Hainan will make efforts to reduce tariffs.
In the context of globalization, reduction in tariffs is an inevitable trend. With the construction of the free trade port, the imported goods and raw materials in Hainan are expected to achieve zero tariffs in the future, thus achieving duty-free daily consumption throughout the island, said Wang Huiping, director of the Department of Finance of Hainan Province, adding that at present, the financial department has been promoting the design and demonstration of the financial and taxation system of the free trade port. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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