Industrial parks between China and the Republic of Korea will be set up in three Chinese cities, according to a circular released by the State Council on Dec 15.
Yancheng city in East China’s Jiangsu province, Yantai city in East China’s Shandong province and Huizhou in South China’s Guangdong province were approved to build China-ROK industrial parks jointly with the ROK, the circular said.
The three zones were urged to advance China-ROK cooperation in local economy and high-end industries.
The zones will put the China-ROK free trade agreement in place, promote experiences of China’s pilot free trade zones, and take the lead in dovetailing strategies for the two countries, co-building the Belt and Road Initiative and deepening trade and investment cooperation, according to the circular.
The circular urged provincial governments to take responsibility for formulating implementation plans as soon as possible.
It stated the Ministry of Commerce will coordinate and supervise the development of the zones.