China rolls out guideline on upgrading pilot free trade zones

This aerial photo taken on Aug. 20, 2022 shows the Tesla Gigafactory in the China (Shanghai) Pilot Free Trade Zone in east China's Shanghai. [Photo/Xinhua]

China has released a guideline for improving the country's pilot free trade zones (FTZs) to further promote high-standard opening up and high-quality development.

The guideline, issued by the Communist Party of China Central Committee and the State Council, called for promoting the optimization and upgrading of trade of goods, invigorating the development of services trade, and supporting innovative development in digital trade.

White list systems are planned to be established for imported medical research and development items as well as imported food with medicinal values, the guideline said, while also calling for the application of digital bills and signatures.

Investment liberalization and facilitation should be advanced, and the level of opening up should be enhanced to attract and utilize foreign capital with greater efforts.

The guideline urged promoting the integration of innovation chains and industrial chains, and expanding international sci-tech exchanges and cooperation.

Work should be done in building a modern industrial system, enhancing the modernization level of industrial chains, promoting the establishment of advanced industrial clusters, and facilitating the coordinated development of industries in the pilot FTZs, it said.

The guideline also pledged to facilitate cross-border data flow and financial opening up.