Related News
More FTZs a catalyst to open up China’s economy
Print Edition
The decision to increase the number of free trade zones will help open up the economy and invigorate growth, experts say.
A landmark policy document the Communist Party of China released on Friday shows the importance of the Shanghai pilot FTZ. The document was approved by the Third Plenary Session of the 18th CPC Central Committee, a four day meeting that ended on Tuesday.
“On the basis of pushing forward development of the existing pilot FTZ, qualified regions will be selected to build free trade zones or ports,” the document said. This decision means more free trade zones will be built quickly.
The Shanghai FTZ covers 29 square kilometers in four areas of Shanghai, China’s financial hub. It got the nod from the central government in August and was officially unveiled on September 29. It opens the Chinese market wider for foreign investors, including in the service and financial sectors.
By the end of October, over 200 companies have flocked into the zone. Their enthusiasm underscores the sad fact that regulations and management styles outside the FTZ constrain development, said Long Guoqiang, a senior researcher with the State Council’s Development Research Center, a government think tank.
“It also shows investor confidence in China’s future, as well as the prospects that Shanghai FTZ will step up reform and opening up,” Long added.
Other local governments have followed suit and applied for similar zones to help their own economic growth. Applications come from costal cities like Guangzhou, Tianjin and Dalian and inland cities such as Chongqing.
Long believes the FTZ has perfectly integrated central government reform with local government hopes for stable growth. “It has bred initiatives on all sides.”
Building more FTZs will help detect weaknesses in traditional development patterns, which will bring further reform, said Zhuang Jian, an economist at the Asian Development Bank.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
