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China to push further ahead with pilot free trade zone reforms

Updated: Jun 26,2018 9:03 PM

The Chinese central government recently unveiled plans to deepen reforms in three of its key pilot free trade zones. The plans are billed as a significant step forward in China’s efforts to further integrate in the global economy.

For the last four decades, China has been opening up more to the world. And now perhaps it’s accelerating the pace. The government plans to push further ahead with pilot free trade zone reforms in Fujian province, Guangdong province and Tianjin municipality.

Guangdong province will focus on strategies to advance the Guangdong-Hong Kong-Macao Great Bay Area and create an open financial region. It proposes 18 measures, including further liberalization of the trade in services with Macao and Hong Kong.

Fujian province will seek to create a key platform for the 21st Century Maritime Silk Road and promote economic and trade cooperation with Taiwan. It will implement 21 measures that aim to raise the level of government administration and deepen cross-strait economic cooperation.

Tianjin municipality will focus on coordinating development with adjacent Hebei province and Beijing, and the establishment of an incubation base for new technologies. It will also expand the opening of advanced manufacturing sectors including vehicles, aircraft and shipping maintenance, as well as the banking, insurance and financial service sectors.

Professor Zhao Zhongxiu, vice-president of the University of International Business and Economics, says the reform is good news for everyone.

Apart from the opportunities expected to come with the free trade zones. For some, there are also challenges, but Zhao is still positive about that.

Looking at the big picture of China’s economic and trade outlook, Zhao says the free trade Zone reform will test China’s new economic system, realize the potential of the country’s development, and integrate its economy into global system.