Shenyang FTZ joins National Free Trade Zone Alliance

The Shenyang Area of Liaoning (Pilot) Free Trade Zone (Shenyang FTZ) joined the National Free Trade Zone Alliance at an institution innovation match-making meeting held in Shenzhen, in southern Guangdong province on July 11, according to officials.

Free trade zones refer to areas that enjoy preferential policies, such as favorable tax rates, easier customs clearance and reduced bureaucracy for businesses.

The National Free Trade Zone Alliance was jointly established this year by 21 free trade zones in the provinces of Guangdong, Fujian, Zhejiang, Henan, Sichuan, Shaanxi, Hubei, Liaoning and Hainan on April 24.

The alliance aims to promote synergistic innovation and coordinated development of pilot free trade zones, create a new template for their opening-up and give full play to the demonstration and leading roles of free trade zones.

Shenyang FTZ joined the alliance as it launched 56 commercial system reform measures and was voted as a successful pilot reform example approved by the State Council.

The central government announced the launch of the Shenyang FTZ, or the China (Liaoning) Pilot Free Trade Zone, on April 1, 2017. Its aim was to revitalize the traditional industrial base of Northeast China and promote international economic and trade cooperation in Northeast Asia.

The Shenyang FTZ formally started operations on April 10 in 2017.

The planned area of the zone is approximately 29.97 square kilometers. It focuses on development of industries in high-end equipment, finance, science and technology services, as well as international trade and modern logistics.

The pilot free trade zone’s goal is to become an advanced equipment manufacturing base, an international regional trading center, an international regional financial center and a Northeast Asia international logistics center -- strengthening its leading, driving and radiating momentum in system and mechanism innovation, international trade demonstration, and transformation and innovation development.

On April 10, a total of 200 new policies to attract investment and further expansion were announced. Officials said that since the establishment of Shenyang FTZ, over 17,000 companies have registered with it, indicating it has an extremely bright future.