China opens wider with 3 fresh FTZs
Print Edition
OPERATIONS formally started yesterday at three new free trade zones as China opens itself wider to the outside world.
The new zones come 18 months after the first FTZ was unveiled in Shanghai, which was designed to showcase efforts to streamline the overloaded administrative approval system and encourage innovation and internationalization.
Officials expect the three new FTZs — in Tianjin as well as provinces of Guangdong and Fujian — to boost economic reform, promote trade and facilitate investment in new areas as the world’s second-largest economy moves away from its unsustainable export-dependent model.
Some businesses have already felt the efficiency of the new zones.
Liu Qiya, chief financial official with Tuwei Tongli Electrical Technology based in Xiamen in Fujian, said his company was granted an operational license for the zone just three days after the application was submitted. The same procedure in other parts of the province could take weeks.
According to a detailed plan, the new zones will be based on the Shanghai FTZ but seek to tap the potential of their geographical locations.
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