On 26 August 2019, the State Council of the People’s Republic of China has approved to launch 6 more new free trade zones (“FTZ”), which brings the total number of FTZs to 18. The new FTZ shows the goal of innovation, further opening-up and high-quality development.
Overview of the 18 FTZs
A great number of companies have signed commercial contracts or settled in the FTZs. For example, 23 business licenses are issued In Kunming Area, Yunnan FTZ on the opening’s day on 30 August 2019 and there are around 11 billion RMB investment in the industry of biological medicine, new material and so on in Yantai Area, Shandong FTZ on 31 August 2019 and.
The 6 new FTZs have their own focus, e.g. Shandong FTZ emphasize on the development of marine economy due to the geographical position and Jiangsu FTZ focuses on the development of innovative industry The Chinese government would to make Hebei FTZ an International trade and logistic hub.
Around 40,000 foreign companies have invested in China’s FTZ in only 5 years. The launch of various types of FTZs gives the opportunities for different companies in different industries to expand their business in China with effect and efficiency.