With the aim of deepening its reform and opening up strategy, China announced detailed master plans for the four pilot free trade zones.
Eager to further enhance the country's economic growth and promote Shanghai's impressive progress, the central government decided to trail all these zones by using the same "negative list" approach used with the Shanghai FTZ.
Assistant Minister of Commerce Wang Shouwen.
"The General Office of the State Council has unveiled a negative list for all four FTZs to share with the unified negative list approach. Compared with the previous one used in Shanghai, the new list further lift restrictions on more areas, in an effort to increase the openness and transparency in the pilot free trade zones ."
Under the "negative list", foreign investments will still be prohibited in restricted areas like postal enterprises and the production of radio and television programs.
The four FTZs will implement a unified management system for foreign enterprises in line with the unified negative list management mode.
This latest batch of free trade zones, all situated along coastal areas, are seen as testing grounds for China's next phase of overall economic reforms.
Wang Shouwen explained the different roles for the four pilot free trade zones.
"The one in Guangdong will focus on promoting the in-depth economic cooperation between the Chinese mainland , Hong Kong and Macao, especially in the services sector. At the same time, the Guangdong FTZ shoulders the responsibility of upgrading China's manufacturing industry. The one in Tianjin will emphasize the joint development of Beijing, Tianjin and Hebei. The one in Fujian deepens cross-Straights economic cooperation and will support the belt and road initiative."
He added that the Shanghai FTZ will still play a leading role in the deepening of China's economic reform and opening up strategy.
It will continue to promote trade and investment, currency convertibility, efficient and convenient regulations as well as trade standardization.
For CRI, I am Min Rui.
