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China to promote institutional opening-up practices of pilot FTZs
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Category：Legislative Updates
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Subject：People and society ; International relations ; International trade ; Regional economy
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Source：english.www.gov.cn
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Publish Date：10-30-2024
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The State Council has approved the replication and promotion of institutional opening-up measures of pilot free trade zones in more regions in alignment with international high standards, according to a circular released on Oct 25.
In June 2023, the State Council piloted institutional opening-up measures in FTZs in Shanghai, Guangdong, Tianjin, Fujian and Beijing, as well as in the Hainan Free Trade Port. After one year, the pilot areas carried out a batch of leading institutional innovations and accumulated experiences for the country to steadily promote its institutional opening-up.
In order to harmonize rules, regulations, management and standards on a broader basis and create a transparent, stable and predictable institutional environment, efforts will be made to replicate and apply practices developed in pilot free trade zones to more regions, the circular said.
The circular noted the need to actively align with high-standard international economic and trade rules, expand institutional opening-up with regard to rules, regulations, management and standards, and build institutional systems and regulatory models in alignment with high-standard international economic and trade rules on a large-scale.
Governments at provincial levels should strengthen organization, improve working mechanisms and fully implement these measures, with enhanced support and guidance from the related department of the State Council, the circular said. The Ministry of Commerce is also required to strengthen overall coordination.
All the regions and related departments have been tasked with providing solutions to problems and issues in a timely manner, continuously improving related measures and reporting major issues according to procedures.
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