More free trade zones to start operation on April 1
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.