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Guangdong FTZ unveils "Best Practices" in China's pilot free trade zones

2019-July-29       Source: Newsgd.com

The third batch of "best practices" in China's pilot free trade zones were released on July 23. Among the cases, three come from Guangdong’s Pilot Free Trade Zone (FTZ) and others from Shanghai, Zhejiang, Hubei and other provinces.

The third batch of "best practices" in China's pilot free trade zones were released on July 23. Among the cases, three come from Guangdong Pilot Free Trade Zone (FTZ) and others from Shanghai, Zhejiang, Hubei and other provinces.

Practice 1: Trans-department coordinated supervision platform

The Guangdong FTZ Qianhai and Shekou Area of Shenzhen have formed a public credit framework for the trans-department coordinated supervision platform. The platform collects more than 15 million pieces of data from over 170 thousand enterprises and contains a total of 74 government departments and non-governmental institutions in Shenzhen.

Information is categorized by credit risk levels into four grades (A, B, C, D) with corresponding evaluations. The evaluations are shared with law enforcement agencies and big data analysis is used to identify risks for more efficient government supervision of market entities.

Practice 2: Provincial intelligent financial risk monitoring and control center

Based on the Guangzhou Commodity Clearing Center, Guangdong’s financial risk monitoring and control center works as a network with online and offline services and provides risk identification, accurate warning, in-depth analysis and coordinated disposal.

Practice 3: New mode of power supply service

Guangdong FTZ Hengqin New Area officials have furthered reform of electrical systems. Reforms include mechanism innovation such as the new rules of electricity supply and usage and the low-voltage power supply mode. An efficient power supply system has also been built, making less interaction links between users and power grid enterprises, less time and less costs to finish links with electricity grids.

Up to now, 43 "best practices" in all have been officially published in three batches and have been implemented in 53 projects. These practices involve both innovative reform methods and financial service methods, offering supervision measures and information from the World Bank's annual "Doing Business" report.

 

Authors: Will, Pu Enling

Editor: Chris

Editor: Will

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