(Yicai Global) Nov. 23 -- China's supreme organ of state power has laid out new directions for the country's 12 free trade zones.
The State Council issued 53 measures to support innovation and financial reform in the special economic regions, it announced today on its website. The goal of these measures is to create a good investment environment, promote innovation, and enhance talent acquisition.
Many of the zones got specific instructions of how to develop their businesses. The Shanghai Pilot Free Trade Zone, which was founded in 2013 as the first of them all, will aim to cut red tape to acquire more talent.
That of southern Guangdong province will ease the way that Hong Kong and Macao-based professionals can come to work in the fields of finance and construction in the mainland.
Those in central Henan province and northwest Shaanxi will allow foreign airlines to settle in and carry out passenger and cargo routes from these regions to other countries.
The special economic area in the eastern province of Zhejiang will work with Belt and Road countries, which are tens of former Silk Road countries, and aim to settle payments for imported bulk commodities in the Chinese yuan.
Southwestern Chongqing Pilot Free Trade Zone will promote the use of the China-European railway link and establish a port to import drugs and biological products. The zone in southeastern Fujian province will seek to import seeds, fruit, and seafood at Pingtan port. It will also support Taiwan-funded insurers to establish units in the area and settle payments in the Chinese yuan.
Editor: Emmi Laine