BEIJING, June 4 (Xinhua) – Chinese government authorities are mulling over a series of new measures for encouraging innovation and expanding opening-up in 12 existing pilot free trade zones (FTZs) in the country, Economic Information Daily reported.
According to the report, China's FTZs are expected to make significant progress in multiple aspects, including the liberalization of financial industry, cross-border trade facilitation and the optimization of the business environment.
As the first testing field to blaze the trial in 2013, Shanghai has formulated an overall plan for the construction of the new section for the FTZ, which is expected to become a new highland for deepening financial reform and innovation in Shanghai and even the whole country.
Besides, South China's Hainan FTZ is striving to speed up the pace of institutional innovation and actively seek advanced experience and practices from all sides to establish a reform list. Besides, the province will further strengthen the construction of major infrastructure, take the construction of airport and seaport as the top priority, and prepare to promote the construction of information technology and network facilities in advance.
It is learned that Hainan is set to launch a new batch of pilot projects following 12 pilot projects carried out last year.
At the same, inland FTZs are also accelerating their pace to further explore innovation. Central China's Henan FTZ, for instance, is compiling a raft of new measures to further push forward the reform and innovative development.
It is known that Henan FTZ is devoted to accelerating the construction of modern transportation and logistics system and building itself into the three-dimensional transportation hub in a bid to better serve the Belt and Road construction.
China's pilot FTZs are very crucial for a new round of reform and opening up and will continue to gather a number of high value-added manufacturing and service industries. They will gradually become a new growth pole with strong innovation capability, high added value and strong competitiveness, said Zhang Jianping, a professor at the Chinese Academy of International Trade and Economic Cooperation (CAITEC) under China’s Ministry of Commerce.
(Edited by Yang Yifan, yangyifan@xinhua.org)
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