Hubei’s recovery in focus
FTZ to boost virus-hit province: CPPCC members
Supporting the economic recovery of Central China’s Hubei Province, which was hit hardest by the coronavirus outbreak, goes beyond showing appreciation for the vital contributions and enormous sacrifices made by the local people.
Political advisers and experts have made numerous proposals, such as facilitating trade and investment opportunities for the province.
Top officials, political advisers and trade experts have noted the importance of reviving Hubei’s economy during the ongoing two sessions, with some suggesting setting up a new type of pilot free trade zone (FTZ) there and an industrial park for enterprises from China, Japan and South Korea.
Hu Zhongjun, president of Hubei Socialist College and a member of the
Chinese People’s Political Consultative Conference (CPPCC), told the Global Times that the new pilot FTZ should feature zero tariffs, zero barriers and zero subsidies.
“Located in central China, Hubei has been a commercial and trade center since ancient times. The airport in Ezhou, which is under construction, will be China’s largest cargo-oriented airport, and it will offer advantages for the new-type pilot FTZ,” according to Hu’s proposal.
“The new pilot FTZ is expected to be built within three to five years. It will double Hubei’s GDP and boost the development of other provinces in China,” said Chen Chunxing, another CPPCC member and deputy president of the Hubei Federation of Industry and Commerce.
The Wuhan Optics Valley, one of the most economically active areas in Hubei and home to more than 100,000 tech companies, could explore an industrial park to develop the opto-electronics industry, according to Tian Yun, vice director of the Beijing Economic Operation Association.
According to the Japan External Trade Organization (JETRO), of 83 Japanese enterprises in Hubei, more than 70 percent had resumed operations as of May 8. Most of the Japanese firms in Hubei run auto and auto parts business.
“The recovered Japanese enterprises in Hubei have had positive impacts on other Japanese enterprises on the same industry chain. With production gradually resuming in Hubei, disruptions of industry chains and logistics have greatly eased,” JETRO told the Global Times on Tuesday, saying a “fast track” between China and Japan could be established to facilitate business travelers.