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China's FTZs deepen reforms to align with international standards

Xinhua | June 30, 2023


China plans to deepen reforms in some eligible free trade zones (FTZs) and Hainan Free Trade Port to align with high-standard international economic and trade rules amid efforts to boost institutional opening-up, said a circular released by the State Council on Thursday.

The eligible FTZs are located in Shanghai, Guangdong, Tianjin, Fujian and Beijing.

The pilot regions will be encouraged to export re-manufacturing goods in primary industries to promote innovation in goods trade, said the circular. It added that aircraft, ships, and relevant parts and components transported into the pilot areas after undergoing temporary repair from overseas are exempt from customs duties.

Efforts will be made to facilitate service trade, like allowing foreign financial institutions in the pilot areas to provide similar services as their Chinese counterparts.

The circular noted facilitating the temporary entry of business personnel. For experts who get jobs transferred within foreign-invested enterprises in the pilot areas, their spouses and other family members could enjoy a similar entry and temporary stay period as the experts.

The healthy development of digital trade will be boosted, according to the circular.

Business environments will be optimized in government procurement, intellectual property rights, competition policy, and environmental protection.

China set up its first FTZ in Shanghai in 2013, and the number of its FTZs has increased to 21.