China announces plans for three new pilot free trade zones in Beijing, Hunan and Anhui
- Three new pilot free trade zones in the capital city of Beijing, the southern province of Hunan and the eastern province of Anhui were announced on Monday
- China has set up the zones in many provinces in recent years in efforts to attract foreign investment, stimulate trade and boost regional development
China’s cabinet on Monday announced plans for three new pilot free-trade zones, in the capital city of Beijing, the southern province of Hunan and the eastern province of Anhui.
An existing free-trade zones in the wealthy eastern province of Zhejiang will also be expanded, according to the notice from China’s State Council.
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.
According to the official Xinhua News Agency, the Beijing pilot free-trade zone will “focus on supporting the construction of an innovation centre with global influence. It will accelerate the construction of a leading area for the expansion of trade in services and a pilot area for the digital economy”.
The new pilot in central China’s Hunan province will focus on building a “world-class advanced manufacturing cluster, an international investment and trade corridor” linking the Yangtze River Economic Belt and the Greater Bay Area, while also becoming a leading area for in-depth economic and trade cooperation between China and Africa.