Recently, the State Council issued Several Opinions on Accelerating the Implementation of Free Trade Zone Strategy (the Opinions), setting forth the overall requirement for accelerating the implementation of free trade zone(FTZ) strategy, requiring further optimizing FTZ construction layout and speeding up the construction of high-level FTZs, and making deployment on improving guarantee system, supportive mechanism and strengthening arrangement and implementation.

 

The Opinions pointed out that accelerating the implementation of free trade zone(FTZ) strategy as an important part of a new round opening-up, sticking to the decisive role of the market in resource allocation and ensuring that the government can play its role better while making use of international and domestic markets, sticking to and boosting the close relationship between the Belt and Road Initiative and the foreign strategy, sticking to the active opening-up and gradually forging a global high-level FTZ network, based on neighboring countries and regions, further covers countries along the route of the Belt and Road Initiative and other important countries.

 

Underlining the significance of stepping up the FTZ strategy, the Opinions required carrying on further opening up and reform and comprehensive participation, breaking through in key parts, developing together, evaluating in a scientific mode and controlling risks.

 

The Opinions stressed that high-level free trade zones should be established by further opening trade of goods and the service industry, broadening investment access, boosting negotiations on rules, improving trade convenience, driving cooperation in making rules, facilitating moves of natural persons and strengthening economic and technology cooperation.

 

The Opinions required to improve foreign investment laws and regulations, basic systems for improving supervision before, during and after the issue, work properly in trade relief, establish trade adjustment and aid systems, and improve the guarantee system for a speedier establishment of FTZ strategy by means of deepening the pilot work for FTZ.

 

The Opinions also required intensifying the implementation of the effective FTZ agreements, enhancing the talent support to FTZ development and improving the support to carrying on FTZ strategy by means of improving the 3^rd party evaluation on the FTZ negotiations.

 

Source: Translated from Invest Guangzhou, Dec. 18, 2015