More free trade zones to start op­er­a­tion on April 1

China's Foreign Trade (English) - - Briefing - —Ni­cholas Rosellini, UN Res­i­dent Co­or­di­na­tor for China

Seven new free trade zones opened on April 1 in China, bring­ing the to­tal up to 11 as the coun­try aims to boost trade and cross­bor­der in­vest­ment.

The State Coun­cil, China’s cab­i­net, has ap­proved the es­tab­lish­ment of seven new FTZS in the provinces of Liaon­ing, Zhe­jiang, He­nan, Hubei, Sichuan and Shaanxi as well as Chongqing mu­nic­i­pal­ity, ac­cord­ing to an of­fi­cial state­ment re­leased in March.

The de­ci­sion car­ries strate­gic im­por­tance in terms of open­ing up and re­form, cut­ting bu­reau­cratic red tape and ex­plor­ing fi­nan­cial in­no­va­tion, the state­ment said.

The ex­pan­sion came nearly four years af­ter the launch of China’s first FTZ in Shang­hai to test a broad range of eco­nomic re­forms, in­clud­ing more open­ness to for­eign in­vest­ment and fewer re­stric­tions on cap­i­tal flows.

I think it will give a very im­por­tant level of vis­i­bil­ity to the ini­tia­tive and it will give a plat­form for Belt and Road as a mul­ti­lat­eral world­wide ini­tia­tive. I think it will high­light some of the im­por­tant pro­grams and projects that are go­ing to be launched.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.