August 31 2019

State Council Unveils Overall Development Plans for Six New Pilot Free Trade Zones

The State Council released two documents on August 26, 2019 - the Approval of Six New Pilot Free Trade Zones, and the Overall Development Plans for Six New Pilot Free Trade Zones. The six new pilot free trade zones are located in Shandong, Jiangsu, Guangxi, Hebei, Yunnan, and Heilongjiang.

According to the plans, these pilot free trade zones are mandated to fulfill different reform tasks. For instance, China (Shandong) Pilot Free Trade Zone will develop high-quality marine economy, and enhance shipping service capacity. The zone will also explore ways to deepen economic cooperation with Japan and the Republic of Korea. China (Jiangsu) Pilot Free Trade Zone is tasked to enhance investment cooperation with foreign countries, strengthen the financial industry's service and support to the real economy, and work out effective policies to promote innovative development of the manufacturing sector.