The zone would advance industrial upgrading and boost digital trade, senior officials said. — China Daily
BEIJING: The pilot free trade zone or FTZ in north-west China’s Xinjiang Uygur autonomous region will exploit its locational advantage, diverse resources and economic strengths to grow into a new model that can promote reform and opening-up, say senior officials.
Addressing a news conference in Beijing to mark the launch of the pilot FTZ, the first in the country’s north-west border area, they said the zone would also advance industrial upgrading and boost digital trade.
On Tuesday, the State Council, or China’s Cabinet, issued a guideline for the sound development of the FTZ, laying out specific steps on 25 aspects, including business climate, trade facilitation and cooperation with neighbouring countries.
The creation of the pilot FTZ will help combine institutional innovation with Xinjiang’s locational advantages, so as to further enhance the internal driving force for regional economic and social development, promote high-standard opening-up and benefit people and businesses, said Guo Tingting, vice-minister of commerce.
Noting the efforts to turn the Xinjiang pilot FTZ into a magnet that can attract both domestic and overseas resources, Guo said it is imperative to put in place a sound mechanism to provide better services for foreign investors.
Such a mechanism will ensure that foreign businesses can participate in government procurement, tenders and bidding, and standard-setting on an equal footing, in compliance with the law. Eligible foreign businesses will have equitable access to industrial and regional development policies.To further increase the Xinjiang pilot FTZ’s appeal to foreign investment, the establishment of foreign-funded research and development centres will be accelerated. — China Daily/ANN
