BEIJING: China is taking steps to align itself with high-standard international economic and trade rules by promoting the institutional opening up of qualified free trade zones (FTZs) and a free trade port (FTP).
The country has recently introduced new measures to deepen reforms on a trial basis in FTZs located in Beijing, Shanghai, Guangdong, Tianjin, Fujian and other eligible free trade pilot zones, as well as the Hainan Free Trade Port.
These measures, outlined in a document on opening up, focus on several key areas including promoting innovative development in goods trade, facilitating trade in services, streamlining temporary entry of business personnel, and ensuring the healthy growth of digital trade. “China’s new policy measures concerning free trade areas provide practical support for its participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA),” said Chen Chunjiang, assistant minister at China’s ministry of commerce.
The trials will help China to accumulate experience and also demonstrate its willingness and ability to join high-standard economic trade agreements, Chen said.
According to the new measures, foreign financial institutions operating in the pilot free trade areas will be permitted to offer certain financial services that already allowed for their Chinese counterparts.
The regulatory authorities in the financial sector will have a maximum of 120 days to decide on applications from foreign financial institutions for launching these services. –The Daily Mail-CGTN news exchange item
