China's FTZs launch common development initiative

China's 21 pilot free trade zones jointly issue an initiative at the Forum on the 10th Anniversary for the China (Shanghai) Free Trade Zone recently held in Shanghai. [Photo provided to chinadaily.com.cn]

China's 21 pilot free trade zones jointly issued an initiative at the Forum on the 10th Anniversary for the China (Shanghai) Free Trade Zone recently held in Shanghai.

The aim of the initiative is to create a new highland for reform and opening-up.

The FTZs are proposing to advance the construction of national FTZs in four aspects: promoting institutional opening-up, boosting high-quality economic development, serving major national strategies and strengthening the coordination and linkages among FTZs.

The initiative seeks to steadily expand institutional opening-up in terms of regulations, management and standards, and construct a regulatory model that is aligned with international economic and trade rules. The FTZs are striving to achieve a higher level of freedom and convenience in goods trade, drive innovation in service trade, and explore new models for cross-border data management. 

The goals of the initiative are to foster new growth drivers for modern industries, enhance the vitality and reliability of the domestic circular economy, improve the quality of international circulation, and expedite the creation of a new development pattern.

The FTZs will better serve major strategies such as the coordinated development of the Beijing-Tianjin-Hebei region, the development of the Yangtze River Economic Belt, the integrated development of the Yangtze River Delta, the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, cross-Strait integration and development, as well as the ecological protection and high-quality development in the Yellow River basin.  

The initiative will also enhance complementary advantages among FTZs and seek win-win cooperation.