China to set up 29 more import promotion demonstration zones

China will establish 29 more demonstration zones to promote imports, the Ministry of Commerce said on its website.

Eight authorities including the National Development and Reform Commission, the Ministry of Finance, and the People's Bank of China decided to set up these import promotion demonstration zones in regions including Beijing, Shanxi and Xinjiang.

In 2020, China established 10 demonstration zones for import promotion, and vowed to foster more import demonstration zones with innovative regulatory systems, complete service functions, and flexible trade models within the next three to five years, to steadily expand China's imports and optimize its import structure.