China has fully implemented the first batch of measures to align its free trade zones (FTZs) with high international standards, the Ministry of Commerce said Tuesday.
In June 2023, the State Council issued a statement on deepening reforms in eligible FTZs in Shanghai, Guangdong, Tianjin, Fujian and Beijing, as well as the Hainan Free Trade Port, aiming to align with high-standard international economic and trade rules.
A year later, these measures have been fully implemented, generating a series of leading and pioneering institutional innovations, according to the ministry.
He said these innovations have provided experimental support for China’s accession to high-level trade agreements, and explored practical ways for the country to promote its institutional opening-up.
Several unprecedented institutional innovations have been fully implemented. Imports of 62 types of remanufactured products have been relaxed, including automobile engines, the ministry said.
China has made it easier for foreign nationals to live and work in the country by issuing visas of up to two years to foreign executives who set up businesses in FTZs, as well as their family members, and by issuing visas to family members of experts working in foreign companies with the same duration as the visas issued to the experts themselves.
Favorable policies related to cost reduction and efficiency improvement for enterprises have also been implemented. Tariff exemptions have been applied to aircraft and ships leaving the Hainan Free Trade Port temporarily for repairs.
The ministry will continue to promote the implementation of pilot measures and favorable policies, so as to advance high-level institutional opening, he continued.
