China to beef up government coordination to develop FTZs

By Vera Ye | February 16, 2015, Monday |

Online Edition

CHINA has approved a plan to set up a joint session system to ensure better inter-department coordination on reforms in the country’s free trade zones.

To be led by the Ministry of Commerce, the joint session will bring together 30 state departments and units including the National Development and Reform Commission, the Ministry of Industry and Information Technology, the central bank, top regulators of banking, securities and insurance sectors and the Customs and tax authorities, the State Council, China’s cabinet, said in a statement released today.

“The function of the session is to coordinate reforms in pilot free trade zones nationwide, to address major issues during reforms and to produce experiences that can be promoted to the rest of the country,” it said.

Vice Premier Wang Yang will serve as the convener of the session and Commerce Minister Gao Hucheng will be one of the deputy conveners.

China has announced to set up three new pilot free trade zones in Tianjin Municipality and Guangdong and Fujian provinces, following the establishment of China (Shanghai) Pilot Free Trade Zone in 2013.

One of the major challenges to push forward reform is the lack of coordination because sometimes the launch of a new policy may require approvals of several separate departments, an administrator of Shanghai zone said earlier.

The move underscored China’s determination to push ahead with reform as the world’s second largest economy is striving to shift growth model with market-oriented impetus.

Finance FTZ

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China to beef up government coordination to develop FTZs

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