Xinhua, in a recent press interview, reported that Gao Hucheng, the Minster of Commerce, revealed China’s plan to establish seven more pilot free trade zones. China currently has Shanghai, Guangdong, Tianjin, and Fujian as pilot free trade zones. Gao explained the functions of the new ones in his interview. The Liaoning Zone is to breathe new life into the traditional Northeast industrial region; the Zhejiang Zone will focus on building a free-trade port; the Henan Zone will develop a modern transportation and logistics hub; the Hubei Zone will take on new high-tech industries; the Chongqing Zone will establish a strategic bridge deep into Southwest China; the Sichuan Zone will facilitate joint-development across major open cities in Western China; the Shanxi Zone will mainly promote the “One Belt, One Road” strategy for international connections with the nearby inland countries. The new zones will continue the “Negative List Management” approach to encourage open and free trade unless banned under the negative lists in the zones.
Source: Xinhua, August 31, 2016