6 new pilot FTZs will strengthen opening-up

On Aug 26, the State Council approved six new pilot free trade zones (FTZs), in Shandong, Jiangsu, Hebei, Yunnan and Heilongjiang provinces, and Guangxi Zhuang autonomous region, bringing the total number of pilot FTZs to 18.

The six new pilot FTZs will be tasked with different reform tests.

Shandong FTZ will accelerate the conversion of old and new growth drivers, develop the marine economy and deepen economic cooperation with Japan and the Republic of Korea.

Jiangsu FTZ will take the lead in developing an open economy, beefing up the real economy with innovation and transforming industries through deepening industrial restructuring and advancing innovation-driven development.

Guangxi FTZ, the first one to be set up in an ethnic autonomous region, will become an important gateway for the Belt and Road Initiative through expanding cooperation with ASEAN, building the New International Land-Sea Trade Corridor toward ASEAN, and exploring development and opening-up in border areas.

Hebei FTZ will promote the integrated development of Beijing, Tianjin, and Hebei, support Xiong’an New Area, and encourage high-tech industries. It will also grow into an important hub for international trade and logistics, and an area to pioneer industrialization, innovation, and opening-up.

Yunnan FTZ will innovate the economic and social development in border areas and become a major connecting point and an opening-up frontier toward South and Southeast Asia, through expanding cooperation with neighboring countries, such as Vietnam, Laos, and Myanmar.

Heilongjiang FTZ will promote the overall revitalization of Northeast China and advance industrial restructuring, becoming a transport and logistics hub, and a cooperation center among China, Russia, and the Northeast Asia region.

Pilot FTZs will cover all of China’s coastal provinces with the three new zones in Shandong, Jiangsu, and Hebei. Pilot FTZs in Guangxi, Yunnan, and Heilongjiang are the first in border areas.

In the first half of 2019, China's 12 FTZs attracted nearly 70 billion yuan in foreign investment, accounting for 14 percent of the country's total. The six new zones are expected to be hot spots for foreign investment as well.