Nansha New Area, a successful nationwide template for free trade zones

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Three years ago, China’s State Council gave green light to the country’s most developed areas, Guangdong, Shanghai, Tianjin and Fujian to set up free-trade zones FTZ in their jurisdictions, aiming at testing new regulatory approaches, public or economic policy programs as well as facilitating trade and business transactions.

The zones’ development is the milestone to further open up the country’s markets to global products, services and trades, according to national development plans.

Guangdong FTZ, covering 116 sq. km, would deepen cross-border cooperation with Hong Kong and Macau while moving the country up the global supply chain and innovation. It would also work with the two regions to align local foreign trade rules with international standards.

Shanghai’s zone eyes on major experiments in financial reform, commodities trading and logistics services; The Tianjin FTZ is expected to help drive integrated development in Beijing, Tianjin and Hebei; Fujian's zone focuses on cooperation with Taiwan to attract more foreign investment and help businesses in the province head offshore.

Located at the center of the Greater Bay Area, the Nansha New Area in Guangzhou, the biggest of the three pilot trade zones in Guangdong province, the country’s biggest economic power, is playing an essential role to boost innovation and technology and high-end services industry in the area, as well as deepening cooperation between Guangdong and Hong Kong and Macao to jointly develop logistics, tourism, financial-leasing and cross-border e-commerce industries in the years ahead.