Three newly approved Pilot Free Trade Zones (FTZs) by the State Council were officially unveiled in Beijing, central China’s Hunan Province & East China’s Anhui Province on Thursday.
The Pilot FTZ in Beijing will cover an area of 119.68 square kilometers, including three areas for science and technology innovation, international business services and high-end industries, according to the government plan.
“We will push to form new advantages of high-quality development in Beijing, Tianjin and Hebei and deepen the coordinated development of industrial chain in the three regions through the construction of the Beijing Pilot Free Trade Zone, so as to encourage the three regions to jointly take part in the Belt & Road construction, build and share the domestic and foreign cooperation parks in a steady and orderly manner,” said Yang Jinbo, deputy mayor of the People’s Government of Beijing Municipality, at a press conference on Thursday.
The FTZ in Hunan will further improve the local business environment while promoting innovation and improving the intellectual property protection system, as well as encouraging more cross-industry cooperation with companies in the province.
The Anhui FTZ, located in the Yangtze River Delta region, will boost the region’s development and high-end manufacturing, integrated circuit, artificial intelligence and cross-border e-commerce businesses.
An existing free-trade zones in east China’s Zhejiang Province has also been expanded.
China’s Cabinet on Monday announced plans for the three New Pilot Free Trade Zones in Beijing, Hunan and Anhui.
China has set up the zones in many provinces across the country in recent years in efforts to attract foreign investment, stimulate trade and boost regional development.