70 years on
Editor’s note: This year marks the 70th anniversary of the founding of New China.
On Feb 18, 1985, the State Council, China’s Cabinet, decided to further open up the three richest coastal regions to the outside world as seen in an item from China Daily.
They are the Yangtze and Pearl River deltas, and parts of southern Fujian province covering Xiamen, Zhangzhou and Quanzhou.
In 1980, the country’s first special economic zones were set up in Shenzhen, Zhuhai and Shantou, Guangdong province, and in Xiamen, Fujian province, to encourage overseas investment and boost economic growth.
Shenzhen had attracted 14 percent of the country’s total foreign investment by 1992. It is the country’s major trade hub and leading manufacturing base.
Following the successful development of the special economic zones, China established its first 14 national economic and technological development zones in 1984.
In 1992, a national economic and technology development zone was established in Yangpu, Hainan province.
As of the end of 2017, there were 219 such zones across the country, according to the Ministry of Commerce.
The economic zones and industrial clusters have made crucial contributions to China’s phenomenal economic growth by successfully testing the market economy.
To further open up, the country’s first free trade zone was established in Shanghai in 2013, serving as an important channel by which prime foreign products could enter the country.
A number of measures have been taken to facilitate trade, including promoting a negative list for foreign investors. Several restrictions on foreign investment were removed, and a single-window service for businesses was added, meaning all necessary facilities are available in one place.
The successful experience in Shanghai led to the announcement of more FTZs in recent years, as well as the creation of Xiong’an New Area, an ambitious plan to transform the dusty plains of Hebei province near Beijing and Tianjin into a dynamic green model city by using cuttingedge technology.