China is showing its resolve to pursue further opening-up and trade liberalization by giving the green light to seven more Free Trade Zones (FTZs) in inland provinces ahead of the 11th G20 Summit. Minister of Commerce Gao Hucheng was quoted in an exclusive interview with the Xinhua News Agency as saying on Wednesday [31 August 2016] that provinces including Northeast China’s Liaoning, East China’s Zhejiang, Northwest China’s Shaanxi and Central China’s Henan will be added to China’s FTZ club, taking the total number of zones to 11…Full Article: ECNS.cn Sept 2016
- No deadline has been set for the establishment of the new FTZs. The future FTZs in Henan and Shaanxi are expected to link up and boost China’s “One Belt, One Road” trade initiative.
- In April 2015, the Tianjin Free-Trade Zone, Fujian Free-Trade Zone, and the Guangdong Free-Trade Zone were launched.
- In September 2013, the Shanghai Free-Trade Zone was launched.
- In November 2015, a Taiwan commodity center was opened in the Shanghai Free-Trade Zone. Taiwanese goods were to be sold directly within the Shanghai FTZ, while the FTZ itself will market the goods on its e-commerce platform.
- In the autumn of 2013, Chinese President Xi Jinping launched The Silk Road Economic Belt and the 21st-century Maritime Silk Road, a strategic initiative to boost the economic development and trade of countries lying along the South China Sea, Bay of Bengal, Arabian Sea, Indian Ocean, and Red Sea, as well as overland in Central Asia and Europe.