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Guangdong to open FTZ tomorrow

2015-April-20       Source: Newsgd.com

Guangdong announced today that its Free Trade Zone will be a pilot zone for deepening the province’s cooperation with Hong Kong and Macao, a crucial hub in the 21st Maritime Silk Road and a leading place in China’s new round of reform and opening up.

The Nansha area of Guangdong Pilot Free Trade Zone [Photo/IC]

Guangdong announced today that its Free Trade Zone (FTZ) will be a pilot zone for deepening the province’s cooperation with Hong Kong and Macao, a crucial hub in the 21st Maritime Silk Road and a leading place in China’s new round of reform and opening up.

On the press conference of the State Council Information Office of the People’s Republic of China today in Beijing, Xu Shaohua, the executive vice governor of Guangdong province revealed Guangdong FTZ would be officially unveiled tomorrow (April 21st ) in Nansha District.

Today, officials from the Ministry of Commerce, Guangdong province, Shanghai Municipality, Tianjin Municipality and Fujian Province introduced the construction of their pilot free trade zone. Besides, the overall plans for construction of three new FTZ and new “negative list” came out after the press conference.

The construction of three newly-approved FTZ is an innovative measure to deepen reform and opening up, said by Chinese Assistant Minister of Commerce, Wang Shouwen.

According to Xu, Guangdong FTZ would focus on following four aspects corresponding to its strategic positioning.

1.Guangdong will make effort to create a business environment to accept international rules. In order to ensure a fair market competition, Guangdong FTZ is to provide enterprises with an international, market-oriented and legalized business environment.

2.Guangdong will endeavor to build an administrative system for regulating rights and responsibilities. Guangdong government would delegate provincial economic management authority to Guangdong FTZ as soon as possible.

3.Guangdong would keep deepening its cooperation with Hong Kong and Macao. Under the Closer Economic Partnership Arrangement (CEPA), Guangdong FTZ would relax or cancel some qualification requirements for investors from Hong Kong and Macao, such as loosening restrictions on stock proportion and business scope.

4.The three areas under Guangdong FTZ would have differential development. For Nansha District of Guangzhou, it will be opened to developed countries over the world to rise service-oriented industry. Qianhai-Shekou district of Shenzhen will deepen its cooperation with Hong Kong to develop finance and service trade. Hengqin district of Zhuhai, will deepen its cooperation with Macao to develop cultural industry, education and leisure tourism.

 

Editor: Will

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