China’s cabinet, the State Council, has announced three new free trade parks and measures to streamline administrative powers.
According to a statement released after a State Council executive meeting presided over by Premier Li Keqiang on Friday, the new parks will be in Tianjin Municipality, Guangdong and Fujian provinces, following the success of the China (Shanghai) Pilot Free Trade Zone (FTZ).
Since September 2013 when the pilot FTZ was launched, negative list management, foreign trade, financial services and governmental supervision have all been overhauled.
The statement promised more experimentation in the Shanghai FTZ to help foreign investment, the service sector and advanced manufacturing.
Some experiences in investment, trade, finance, services and supervision will be extended nationwide, and innovative inspections and quarantine will be used in other areas under special customs supervision. Administrative reform is key to vitalizing the market and shall be further pushed forward.