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Vice-premier vows to further develop FTZs in China

Updated: Apr 22,2015 10:16 PM     Xinhua

Vice Premier Wang Yang (front) delivers a report on pilot free trade zone during the second plenary session of the 14th meeting of the 12th National People’s Congress (NPC) Standing Committee in Beijing, China, April 22, 2015. [Photo/Xinhua]

BEIJING — China will further develop free trade zones (FTZs), promoting successful experiences while preventing risks, Vice-Premier Wang Yang said on April 22.

The Shanghai FTZ has achieved prominent success in building a negative list approach, facilitating trade, financial reform, and building an interim and post supervision system, Wang said when delivering a report to the Standing Committee of the National People’s Congress (NPC) on behalf of the State Council.

In August 2013, China established the first pilot FTZ in Shanghai. On April 21 three more FTZs were established in the southern province of Guangdong, the Tianjin Municipality in the north and another in the southeastern province of Fujian.

The government discovered problems after studying the Shanghai FTZ, such as limited area containing the effects of pilot reforms, work lacking coordination and a need to improve monitoring and supervision systems.

The State Council will supervise the implementation of the work plan for pilot FTZs released earlier this month, Wang said, adding that an inter-departmental system including 30 central organs was established in recent days in a bid to coordinate work concerning pilot FTZs.

A detailed work plan was released on April 20 regarding FTZs. FTZs are part of the government efforts to test reform policies and better integrate the economy with international practices in a landscape where China’s old export-reliant model is no longer sustainable.

Wang said the Shanghai FTZ should be built as the leading pilot FTZ in the country in terms of its services and governance. Guangdong pilot FTZ should focus on integration with Hong Kong and Macao, while Tianjin pilot FTZ should advance the coordinated development of the neighboring Beijing and Hebei province.

The FTZ pilot in Fujian should play a role in deepening economic cooperation across the Taiwan Strait.