BEIJING, July 14 (Xinhua) -- The actual use of foreign capital in China's 18 free trade zones (FTZs) stood at 60.25 billion yuan (about 8.61 billion U.S. dollars) in the first five months of the year, according to Tang Wenhong, head of the Department of Pilot Free Trade Zone and Free Trade Port under Ministry of Commerce (MOC) at a recent conference held by the ministry.
Tang said that the ministry will continue to work with relevant departments and localities to promote and support the pilot FTZs to intensify innovation, and create open, transparent and predictable business environment for foreign investment.
The pilot FTZ is a new highland for China's reform and opening-up in the new era and an important platform for the country to attract foreign investment. From January to May, the actual use of foreign capital in the earlier 12 FTZs was 51.87 billion yuan, up 18.4 percent year-on-year, fully demonstrating the confidence of foreign-funded enterprises in the FTZs, according to Tang.
Before August 2019, China approved a total of 12 FTZs including FTZs of Shanghai, Guangdong, Tianjin, Fujian, Liaoning, Zhejiang, Henan, Hubei, Chongqing, Sichuan, Shaanxi and Hainan.
The country now has a total of 18 FTZs after approving those in Shandong, Jiangsu, Guangxi, Hebei, Yunnan and Heilongjiang.
These FTZs are accelerating system innovation and implementing reform measures. In early July, the State Council, China's cabinet, unveiled a circular to implement more reform measures experimented with at the pilot FTZs across the nation.
It is the sixth batch of measures tested by the pilot FTZs before being implemented in other areas, the State Council said in the circular.
To be replicated nationwide are measures covering five areas: investment management, trade facilitation, financial openness and innovation, operational and post-operational oversight, and human resources, the circular said.
Tang said that after the above-mentioned reform measures are copied and promoted, it will surely drive the optimization of the business environment nationwide. (Edited by Hu Pingchao with Xinhua Silk Road, hupingchao@xinhua.org)
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