The Ministry of Commerce has unveiled a priority list for pilot free trade zones (FTZs) during the 2023-2025 period, coinciding with the country’s commemoration of the 10th anniversary of its pilot FTZ construction. The list encompasses 164 priorities, including major institutional innovations, key industries, platform construction, as well as significant projects and activities, which will drive the development of China’s FTZs in the coming years.
According to the Ministry of Commerce, the list was formulated based on the strategic positioning and development targets of each FTZ, with the objective of promoting high-quality development across these zones. Notably, the pilot FTZ in Guangdong will receive support to deepen its cooperation with China’s Hong Kong and Macao in various areas, such as trade, investment, finance, legal services, and the mutual recognition of professional qualifications.
The release of the priority list aims to facilitate deeper reforms, foster innovation, and enhance system integration within the FTZs. By providing clear guidelines and objectives, the Ministry of Commerce intends to propel these zones toward greater success and contribute to the overall economic growth of the country.
China established its first FTZ in Shanghai in 2013, and since then, the number of FTZs has expanded to 21. Over the years, these zones have played a crucial role in driving economic reforms, attracting foreign investment, and promoting trade facilitation. As the country marks a decade of FTZ construction, the priority list reflects the government’s commitment to continuing the progress and advancements achieved thus far, while paving the way for future growth and development.
The strategic priorities outlined in the list will guide the efforts of the pilot FTZs as they work towards achieving their respective objectives. With a focus on innovation, cooperation, and integration, these zones are poised to contribute significantly to China’s economic transformation, opening up new opportunities for trade, investment, and collaboration both domestically and internationally.
