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China to deepen reforms in pilot FTZs: MOC

Pubdate:2021-02-05 10:10 Click:

China will promote deep-level reforms in pilot free trade zones (FTZs) and facilitate innovations on liberalization and facilitation of trade and investment, according to the Ministry of Commerce (MOC).

The ministry is working on a negative list for cross-border services trade for Hainan free trade port, a MOC official said Wednesday.

According to the draft 14th Five-Year Plan and the Long-Range Objectives Through the Year 2035, pilot FTZs will be granted greater decision-making power in reform while the construction of the Hainan free trade port will be advanced steadily.

During the 13th Five-Year Plan period (2016-2020), 17 pilot FTZs were newly built, bringing the total number to 21 in the country, the MOC added, noting that the items on the negative list for foreign investment access for pilot FTZs were cut from 122 to 30 in the past five years.

A total of 393,000 new enterprises were set up in 18 pilot FTZs in 2020, which generated 176.38 billion yuan (about 27.27 billion U.S. dollars) of foreign direct investment in actual use last year, accounting for 17.6 percent of the foreign investment in China, MOC data showed.

The value of foreign trade of these companies stood at 4.7 trillion yuan in 2020, representing 14.7 percent of the country's total, according to the data.