China has released a key work list for its pilot free trade zones (2023-2025) aimed at promoting high-quality growth, according to a statement by the Ministry of Commerce on Sunday.
The work list, formulated by the Ministry of Commerce in collaboration with a number of central government departments and local authorities, outlines 164 key initiatives to be autonomously implemented by China's FTZs between 2023 and 2025.
Each FTZ will focus on seven to 10 key tasks, including significant institutional innovations, development of key industries, construction of important platforms and major project activities.
The work list provides a clear and itemized outline of the construction directions and key areas of focus for the next three years, based on the strategic positioning and development goals assigned by the central government to each free trade pilot zone, according to the statement.
For instance, the China (Guangdong) Pilot Free Trade Zone is encouraged to deepen cooperation with the Hong Kong and Macao special administrative regions in areas such as trade, investment, finance, legal services and mutual recognition of professional qualifications. Efforts will be made to align regulations and mechanisms with Hong Kong and Macao, fostering closer integration.
In addition, the pilot FTZs in South China's Guangxi Zhuang autonomous region and Southwest China's Yunnan province are encouraged to leverage their advantageous border locations. They will actively promote border residents' cross-border trade and import commodity processing, fostering innovative development in border trade.