China has issued a guideline policy on upgrading the country's pilot Free Trade Zones (FTZs).
Released by the Communist Party of China (CPC) Central Committee and the State Council, the guideline emphasizes achieving comprehensive improvement in the pilot FTZs' institutional opening-up level, systematic reform outcomes, and open economy quality within five years of exploration and development.
The guideline proposes to enhance the comprehensive competitiveness of China's foreign trade, optimize and upgrade trade in goods, boost the development of trade in service, and support the innovative development of digital trade. It also proposes to liberalize and facilitate investment, raise the level of market access, and foster a world-class business environment that is market-oriented, law-based, and internationalized.
It calls for the establishment of a high-level innovation ecosystem, promote the integration of innovation chains and industrial chains, and expand international scientific and technological exchanges and cooperation.
The guideline emphasizes the need for efficient, convenient and safe cross-border data flows, establishing rules for data markets, and enhancing the facilitation level of cross-border data flows.
It notes that all regions should intensify their reform efforts and implement the strategy based on local conditions.
China rolls out guideline on upgrading pilot free trade zones
China issues guidelines on implementing strategy for upgrading pilot FTZs
