An overall plan for the China (Sichuan) Pilot Free Trade Zone was issued by the State Council on March 31, in an effort to promote development in China’s western region and the Yangtze River economic belt.
The Sichuan free trade zone will focus on institutional innovation and accumulate more successes to be spread to the rest of the country.
The FTZ, covering a total area of 119.99 square km, will include parts of the provincial capital of Chengdu, and an area of the southern city of Luzhou.
According to the plan, it will serve as a key zone to pave the way for further reform and opening up, by implementing such measures as administrative streamlining and delegating powers, strengthening supervision and improving government services. It will also facilitate foreign investment and outbound investment, improve free trade, especially trade in services, and make more innovative explorations in the financing sector. Preferential taxation policies that are being piloted in other FTZs will be applied.
In addition, a coordinated strategy will be launched between inland areas and those along the coast, river or border, to further stimulate economic development of inland areas, and facilitate transferring of industries, by making full use of transportation and logistics facilities.