The Chinese government has rolled out a series of measures to support pilot free trade zones and deepen reform and innovation, according to a circular released on Nov 23.
The 53 measures improving the investment environment, trade facilitation, financial innovation and the human resources sector can help improve the quality of pilot FTZs, according to the circular.
To improve the business environment, the ratio requirement for foreign technical personnel in foreign-invested construction and engineering design enterprises, as well as restrictions on recruitment agencies, will be relaxed.
Also, land use for pilot FTZs in some provinces and municipalities should be given priority in the overall layout.
In an effort to facilitate trade, qualified pilot zones will be encouraged to conduct pilot programs on parallel import automobile businesses.
The circular also stressed financial innovation to serve the real economy. Efforts should be made to simplify administrative approval procedures for insurance branches, and establish and improve the information sharing system about enterprises’ demand for insurance in pilot FTZs, the circular stated.
Pilot practices in the human resources sector were also encouraged. The authority to approve Sino-foreign joint ventures and wholly foreign-owned agencies with talent intermediary service in pilot FTZs will be delegated to local authorities in the zones, according to the circular.
The circular also urged local governments and all related departments to put importance on improving construction and management of pilot FTZs, and promote implementation of those measures.
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