State Council approves new pilot FTZs

The State Council decided to establish three new pilot free trade zones in Beijing, and Hunan, Anhui provinces, and to expand the China (Zhejiang) Pilot Free Trade Zone, according to a document issued on Sept 20.

The China (Beijing) Pilot Free Trade Zone covers three areas of science-tech innovation, international commerce services and high-end industries, adding up to 119.68 square kilometers.

The zone will promote the coordinated development strategy of the Beijing-Tianjin-Hebei region, build itself into a science-tech innovation center with global influence, and accelerate the construction of demonstration zones to open up more services and pilot areas to develop digital economy.

The China (Hunan) Pilot Free Trade Zone, made up of three parts in Changsha, Yueyang and Chenzhou, totals up to 119.76 sq km.

To implement strategies of building a manufacturing power and boosting Central China, the zone aims to grow into a cluster of world-class advanced manufacturing industries, and an international investment, trade corridor linking the Yangtze River Economic Belt and Guangdong-Hong Kong-Macao Greater Bay Area, with its unique geographic advantages.

It should also become a pilot area for deepening economic and trade cooperation with Africa and a new highland for opening-up in inland China.

The China (Anhui) Pilot Free Trade Zone includes three areas in Hefei, Wuhu and Bengbu, which aggregate 119.86 sq km.

The new zone will push forward the construction of the Belt and Road Initiative and the development of the Yangtze River Economic Belt, the circular said.

Besides, it will promote in-depth integration of science-tech innovation and the real economy, accelerate efforts to build a pioneering place of science-tech innovation and a cluster of advanced manufacturing industries and strategic emerging industries, to create a new highland for opening-up in the inland region.

A total of 119.5 square kilometers' new area was added to the China (Zhejiang) Pilot Free Trade Zone, including three parts in Ningbo, Hangzhou and Jinyi.

With the joint advantages of building the Belt and Road Initiative, developing the Yangtze River Economic Belt and integrating the development of the Yangtze River Delta, it should develop itself into an allocation base for bulk commodities with oil and gas as the core, a new international trade center, an international shipping and logistics hub, a demonstration area of digital economy and a cluster area of advanced manufacturing industries.