China to push further ahead with free trade pilot zone reforms

（来源：CGTN 2018-6-26）

For the last four decades, China has been opening up more to the world. And now, perhaps it's accelerating the pace. The government plans to push further ahead with free trade pilot zone reforms in Fujian and Guangdong provinces and Tianjin Municipality.

Guangdong Province will focus on strategies to advance the Guangdong-Hong Kong-Macao Great Bay Area and create an open financial region. It proposes 18 measures, including further liberalization of the trade in services with Macao and Hong Kong.

Fujian Province will seek to create a key platform for the 21st Century Maritime Silk Road and promote economic and trade cooperation with Taiwan. It will implement 21 measures that aim to raise the level of government administration and deepen cross-strait economic cooperation.

Tianjin will focus on coordinating development with adjacent Hebei Province and Beijing, and the establishment of an incubation base for new technologies. It will also expand the opening of advanced manufacturing sectors including vehicles, aircraft and shipping maintenance, as well as the banking, insurance and financial service sectors.

So who will be benefited from these plans? Professor Zhao Zhongxiu, vice president of the University of International Business and Economics, asserted the reform is good news for everyone.

He said that all the business will benefit from the platform, not only locally, but also globally.

Apart from the opportunities expected to come with the Free Trade Zones, there are also challenges, but Professor Zhao is still positive about that.

"There will be of course many competitions with the domestic enterprises, and they will face more pressures, such as the financial sector. But the competition will bring more efficiency as well.”

Looking at the big picture of China's economic and trade outlook, Zhao said the Free Trade Zone reform will test China's new economic system... realize the potential of the country's development, and integrate its economy into global system.

As reforms deepen, the three free trade zones have entered a second phase. These zones are clearly playing a more vital role in the country's growth... and practices perfected in these special areas will be replicated in the rest of the country.

It's all in line with China's desire to open its door wider to the rest of the world.

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