New free trade zones reflect resolve to deepen reform
China's decision to set up seven new free trade zones in the country demonstrates its unswerving resolve to deepen reform and opening-up and adapt to the global economic and trade regime.
By setting up the FTZs, China will carry out a series of fundamental reforms in such fields as the system for doing business, trade facilitation, financial liberalization and innovation, and administrative regulation to help facilitate the flow of foreign investment and capital and build a law-based and equitable market environment.
With a view to piloting economic and financial reforms, China set up the China (Shanghai) Pilot Free Trade Zone in 2013, and the following year it allowed Tianjin municipality, and Fujian and Guangdong provinces to establish FTZs. In the past three years, central and local regulators have accumulated enough experience and expertise to help to spread the opening-up program to more regions and replicate the success of these earlier projects.