Reform measures of pilot FTZs to be adopted nationwide

The State Council of China has decided to apply reform measures experimented with at the pilot free trade zones across the nation in a circular issued on June 28.

It is the sixth batch of measures tested by the pilot FTZs before implementation in other areas.

To be replicated nationwide are measures covering five areas: investment management, trade facilitation, financial openness and innovation, operational and post-operational oversight and human resources, the circular reads.

To reform investment management, green channels will be set up for approval procedures of electricity projects, registration of real estate will be more convenient for the people, and small-scaled VAT declaration will be assisted by smart technologies.

Also, for the whole nation, management and supervision patterns for imports and exports will be further upgraded to facilitate trade, intellectual property will be securitized, risk control will be based on big data platform for lease finance company, and consular affairs could be solved online.

Three measures will be spread to all pilot FTZs, including one-time utility operation approval for construction projects, and a new business model for secondhand auto mobile export will be adopted in related pilot areas.

In addition, a few measures will be implemented in supervised bonded places and areas administrated by Chengdu Railway Bureau.

Ministries under the State Council and the people’s governments of all provinces should fully implement the measures, the announcement read.