China to promote more FTZ reform measures nationwide

Article courtesy of Xinhuanet News.

A citizen handles business at Shanghai's Pilot Free Trade Zone Lingang Special Area in east China's Shanghai, May 12, 2023. (Xinhua/Ma Ning)

BEIJING, (Xinhua) — China’s State Council has issued a circular to promote the replication of the latest reform experience tested in its pilot free trade zones (FTZs) across the country.

A total of 22 reform measures will be adopted nationwide, covering investment and trade facilitation, governance innovation, financial opening-up innovation, high-quality development of industries, and intellectual property protection, according to the circular.

The State Council also ordered two practices to be replicated in particular areas, which include the promotion of intellectual property liability insurance for overseas infringement for pilot FTZs.

FTZs are launched to explore new ways and accumulate experience for comprehensively deepening reform and expanding opening-up, the circular said.

It added that the promotion of reform measures will help improve the business environment nationwide, stimulate market vitality, and build a higher-level open economy. ■