Riding the wind and opening up to the outside world as a new highland to boost the high-quality development and growth rate of the Chinese economy | Experimental Zone | Economy

Release time:Apr 15, 2024 01:39 AM

On August 17, 2013, the China Pilot Free Trade Zone was officially established. Over the past decade, China has deployed 21 pilot free trade zones and Hainan Free Trade Port, forming a basic pattern of reform, opening up, and innovation covering the east, west, north, south, and central regions. The China Pilot Free Trade Zone serves as a national trial system and local development, fully leveraging the role of the comprehensive experimental platform for reform and opening up, and becoming a vivid demonstration of comprehensively deepening reform and expanding institutional opening up.

This is the logo door of the China Free Trade Zone, taken on November 11, 2020. Photo by Xinhua News Agency reporter Fang Zhe

Leading high-level institutional openness by taking the lead in trial and error

Opening up to the outside world is a distinct symbol of contemporary China. The China Pilot Free Trade Zone, as an important platform for connecting with international high standard economic and trade rules and promoting the development of foreign trade and foreign investment, has become a leading force in China's high-level opening up and a pioneer in deep-seated opening up.

The Development Report of China Pilot Free Trade Zones released by the International Trade and Economic Cooperation Research Institute of the Ministry of Commerce shows that in 2022, 21 pilot free trade zones achieved a total import and export volume of 7.5 trillion yuan, a year-on-year increase of 14.5%, accounting for 17.8% of the national total; The actual use of foreign investment exceeds 220 billion yuan, accounting for 18.1% of the national total.

The fruitful results stem from the active integration of the Free Trade Zone with international high standard economic and trade rules, and the continuous promotion of trade and investment liberalization and facilitation. The negative list of foreign investment access in the pilot free trade zone version has been reduced 7 times, from the initial 190 measures to 27, with manufacturing items achieving zero. Hainan Free Trade Port has launched the first negative list of cross-border service trade, achieving a fundamental transformation in the management mode of service trade.

Cui Weijie, Vice President of the International Trade and Economic Cooperation Research Institute of the Ministry of Commerce, stated that since its construction, China's pilot free trade zones have made important breakthroughs in trade, investment, finance, and government function transformation, forming multiple "firsts", including the first implementation of foreign investment management system reform, "separation of certificates and licenses" reform, the establishment of the country's first "single window" for international trade, and the creation of the first batch of free trade accounts, becoming the "vanguard" leading the country in deepening reforms in the new era.

Institutional innovation helps promote high-quality economic development

The pilot free trade zone adheres to institutional innovation as the core, promoting institutional openness in rules, regulations, management, standards, and other areas. Over the past decade, China's pilot free trade zones have replicated and promoted 302 institutional innovation achievements at the national level, fully unleashing the dividends of reform and opening up.

Riding the wind and opening up to the outside world as a new highland to boost the high-quality development and growth rate of the Chinese economy | Experimental Zone | Economy

Associate Professor Li Xiaofu from East China University of Political Science and Law believes that the construction of China's pilot free trade zones is a "nursery" rather than a "potted landscape", a highland for institutional innovation rather than a depression for preferential policies. A large number of innovative achievements in the reform and opening up system have been replicated and promoted nationwide, fully leveraging the role of pilot free trade zones as experimental fields for reform and opening up.

In 2022, the actual utilization of foreign investment in the high-tech industries of 21 free trade pilot zones increased by 53.2% year-on-year, far exceeding the national average level, highlighting the functions of attraction and agglomeration. Cui Weijie stated that the pilot free trade zone is based on its own resource endowment, attracting high-quality global resource elements, promoting the continuous agglomeration of high-end industries, and forming a number of world leading industrial clusters in oil and gas, biopharmaceuticals, and new generation information technology. It promotes the transformation and upgrading of industrial structure, actively explores green trade and digital trade, and accelerates the development of new formats and models such as cross-border e-commerce and "bonded+".

On July 10th, the Notice of the State Council on Doing a Good Job in Copying and Promoting the Experience of the Seventh Batch of Pilot Reforms in Free Trade Zones was released to the public, clarifying the replication and promotion of 24 pilot reform experiences in free trade zones nationwide and in specific regions, further releasing the dividends of reform and opening up in free trade zones.

The "good seeds" of institutional innovation achievements in the pilot free trade zone are taking root and bearing fruit nationwide, driving economic growth to rely more on innovation and leading the high-quality development of the Chinese economy.

On February 11th, vehicles drove out of the gate of the Heihe area of the China Free Trade Zone. Photo by Xinhua News Agency reporter Xie Jianfei

Implementing the strategy of enhancing free trade pilot zones through multiple strategies simultaneously

This year marks the 10th anniversary of the construction of China's pilot free trade zone, and also the beginning year of implementing the strategy of upgrading the pilot free trade zone. On March 2nd, Minister of Commerce Wang Wentao stated at a press conference of the State Council Information Office that the key to implementing the strategy of upgrading free trade pilot zones is to focus on the "three improvements": improving the integration with international high standard economic and trade rules; The level of market access needs to be improved; We need to improve the integration of reform systems and collaborative innovation.

In June, the State Council issued the "Several Measures for Pilot Connection with International High Standards and Promoting Institutional Opening up in Conditional Free Trade Pilot Zones and Free Trade Ports", taking the lead in pilot connection with relevant international high standard economic and trade rules in eligible free trade pilot zones such as Shanghai, Guangdong, Tianjin, Fujian, and Beijing, and Hainan Free Trade Port, steadily expanding institutional opening up. The Ministry of Commerce, together with relevant localities and departments, has formulated a "List of Key Tasks for Pilot Free Trade Zones", which specifies 164 key tasks to be independently promoted and implemented by the pilot free trade zones from 2023 to 2025. This will promote precise positioning and policy implementation in various regions, and achieve differentiated and personalized development.

Samir Hamoni, CEO of the World Free Zone Organization, said that this demonstrates China's determination to further expand its opening up, and also indicates that free trade pilot zones and free trade ports will play a greater role in promoting high-level institutional opening up.

Cui Weijie stated that in the future, the pilot free trade zone should play a good role as a comprehensive experimental platform for reform and opening up, and further make efforts in docking with international high standard economic and trade rules, improving market access levels, promoting reform system integration, maintaining industrial and supply chain security, serving national strategies, and coordinating opening up and security, in order to explore new paths for comprehensively deepening reform and expanding opening up.

Li Xiaofu believes that with the full implementation of the Regional Comprehensive Economic Partnership Agreement, the China Pilot Free Trade Zone, as a new highland for China's opening-up in the new era, should continue to boldly experiment, boldly explore, and independently reform, steadily expand institutional opening up, and focus on playing the role of industrial agglomeration and improving institutional innovation efficiency, providing replicable and promotable institutional innovation achievements and reform and opening up experiences for other regions.

Related links

The 10th Anniversary of the Construction of China's Pilot Free Trade Zones: Leading High Level Institutional Opening up with the "Wild Goose Formation"

Xiamen Free Trade Zone: Towards the Sea and Building a New Era of Reform and Opening up as a New Highland

Zhengzhou Free Trade Zone: Tide in the Central Plains to Build a Four Road Collaborative "Silk Road Free Trade Zone" with "Air, Land, Network and Sea"

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