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Zhejiang promotes development of China (Zhejiang) Pilot Free Trade Zone

ezhejiang.gov.cn| Updated: December 21, 2023 L M S

Zhejiang is set to introduce policies to advance systematic opening-up initiatives. The announcement was made during a recent press conference on the development of the China (Zhejiang) Pilot Free Trade Zone held in Yiwu, China's hub for trading small commodities, in East China's Zhejiang province.

The policy document is in line with two recent releases by the State Council that aim to align with international high-standard economic and trade rules and promote systematic opening-up. It has incorporated feedback from over 60 local enterprises, encompassing five aspects with a total of 30 clauses.

The document puts forth 17 policies that can be implemented or optimized in Zhejiang, covering aspects such as convenient arrangements for certificates of origin and advance rulings, policies related to cross-border financial services, and equal treatment for the entry and temporary stay of family members of foreign-invested enterprise personnel.

Emphasizing openness in the digital sector, the document includes 20 policies across three areas. For instance, in promoting paperless trade, it supports banks in providing preferential and convenient treatment to pilot enterprises in areas such as letters of credit issuance and related financing services, foreign exchange receipts and payments, trade financing, import and export insurance, and customs clearance.

The release of the policy document is expected to drive systematic opening-up in key areas, contributing to the establishment of a regulatory system and supervisory model that aligns with high-standard economic and trade rules, according to Zhejiang authorities.

This move also aims to facilitate the development of Zhejiang into a more open province.