Seven new free trade zones near launch

Seven new free trade zones are slated for inauguration soon, with the government likely to commence operational assessment processes by 2020, according to local government officials.

As a testing platform for China’s economic reforms, the zones aim to facilitate trade and investment by lowering entry requirements for new companies and cutting restrictions on capital flows.

The countdown has begun for the ceremony to inaugurate the FTZ in Sichuan, said an official from the province’s department of commerce.

Earlier this week, a local publicity office dispelled market rumors that the southwestern province has already launched the free trade zone. The office said they would keep the public updated through official channels.

Several other local governments are also reportedly moving into the final stages of FTZ inauguration. For instance, Liaoning province and Chongqing municipality presented the draft guidelines for their FTZs to the State Council this week, and are waiting for final approval.

By 2020, the central government will evaluate the regions’ performances in implementing the FTZ plans, 21st Century Business Herald reported.

In August 2016, the central government approved applications for what is now the third batch of FTZs, including from Liaoning in the northeast, Shaanxi province in the northwest, Zhejiang province in the east, Henan and Hubei provinces in Central China, and Sichuan and Chongqing in the southwest.

China will have 11 FTZs in total after the third batch of zones officially join.