Chinese Government Eyes More Overseas Business Via Free Trade Zones
Xu Huiyun
/SOURCE : yicai
Chinese Government Eyes More Overseas Business Via Free Trade Zones

(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 

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Keywords: investment , free trade zone