March 1 is the date when provisions on administrative approval of a batch of laws and regulations are temporally adjusted by the State Council, authorized by the National People’s Congress, in the four free trade zones of Guangdong, Fujian, Tianjin and Shanghai, according to Xinhua News Agency. The three new free trade zones of Guangdong, Fujian and Tianjin will officially hang out plaques soon, after one year and a half when China’s first pilot free trade zone was set up in Shanghai.

 

The three new free trade zones are not to simply copy experience of Shanghai Pilot Free Trade Zone, but to embark on a differentiated path with distinctive regional characteristics and well-designed goals. From the aspect of location, Fujian targets Taiwan market, Guangdong centers on Hong Kong and Macao while Tianjin mainly focuses on Northeast Asia and the coordinated development of Beijing, Tianjin and Hebei.

 

No matter how many free trade zones will be established, China will maintain the focus of “promoting a new round of opening up to a higher level”, while the free trade zones that are constructed with the local economic advantages and characteristics will form a “joint force” and develop their respective experience that can be promoted so as to help China obtain development strength in the global economic structure.

 

The draft of administrative measures of China (Guangdong) Pilot Free Trade Zone puts forward to enhance intensive economic integration between the Chinese mainland and Hongkong and Macao, develop administrative systems that adapt to the international investment and trading rule systems and foster a law-based internationalized business environment.

 

Tianjin determines to create supplementary experiment and comparative experiment with Shanghai Pilot Free Trade Zone and make breakthroughs in serving coordinated development of Beijing, Tianjin and Hebei and the national strategy of “one belt and one road”, development of real economy and financial leasing industry and make innovation in investment management.

 

Fujian puts forward to highlight characteristics of Taiwan-centered development, promote free flow of goods, services and various elements across Taiwan Strait and develop the economic cooperation demonstration zone across the strait.

 

The free trade zones of China shoulder the mission of exploring more open and convenient international investment and trading rules and have important significance for China to structure a higher level opening up under the new situation.

 

Source: Guangzhou Daily, Feb. 27, 2015