China has fully implemented the first batch of measures to align its pilot free trade zones (FTZs) with high international standards, according to the Ministry of Commerce on Tuesday.
In June 2023, China’s State Council issued a circular on deepening reforms in eligible FTZs in Shanghai, Guangdong, Tianjin, Fujian and Beijing, as well as in the Hainan Free Trade Port, to align with high-standard international economic and trade rules.
A year later, these measures have been implemented fully, resulting in a slew of leading and pioneering institutional innovations, according to the ministry.
It said that these innovations have provided experimental support for China to join high-standard trade agreements, and explored practical paths for the country to further its institutional opening-up.
Several first-of-their-kind institutional innovations have been fully implemented. Imports of 62 types of re-manufactured products have been relaxed, for example, including automotive engines, the ministry said.
China has made it more convenient for foreign nationals to live and work in the country, by issuing visas of up to two years for foreign executives who are establishing companies in the FTZ areas, as well as their families, and by issuing visas to family members of experts working at foreign enterprises with the same duration of stay as those issued to the experts themselves.
Favourable policies related to reducing costs and improving efficiency for enterprises have also been applied. Tariff exemptions have been applied to aircraft and ships that exit the Hainan Free Trade Port temporarily for repair.
The ministry will continue promoting the implementation of the pilot measures and favourable policies, aiming to advance high-level institutional opening-up, it said.
