New FTZS

Preparation for seven new free trade zones (FTZS) is moving into the final stages, with the launch date expected within weeks, Securities Daily reported on February 12. The country’s third batch of pilot FTZS, which aim to boost inland regions, is likely to be launched as early as the end of the month, said Xiao Benhua, Professor at Shanghai Lixin University of Accounting and Finance. Chinese authorities approved FTZS in Liaoning, Zhejiang, Henan, Sichuan and Shaanxi provinces, as well as Chongqing Municipality, last August following the success of four previous zones.

“The FTZ boom certainly will encourage a large number of foreign companies to either establish or extend operations in these seven provincial-level regions to benefit from favorable tax policies and simplified trade procedures,” said Li Gang, Chairman of the Sichuan Provincial Branch of the China Council for the Promotion of International Trade.