Reforms in FTZs to be coordinated
Print Edition
CHINA will 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 gather 30 state departments and units including the National Development and Reform Commission, the Ministry of Industry and Information Technology, the central bank, the national regulators for banking, securities and insurance as well as customs and tax authorities, the State Council, China’s Cabinet, said in a statement released yesterday.
“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.
One of the major challenges in pushing reform is the lack of coordination because the launch of a new policy may require approval of several departments, an administrator of the Shanghai FTZ said earlier.
China has announced that the country will form three new pilot FTZs in Tianjin as well as Guangdong and Fujian provinces, following the one set up in Shanghai in 2013.
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