China rolls out 53 measures for further reform, innovation in pilot FTZs

China’s State Council rolled out a series of measures to support pilot free trade zones (FTZ) and deepen reform and innovation, according to Tang Wenhong, head of the Department of Foreign Investment Administration of the Ministry of Commerce. The 53 small measures are expected to reach quick returns, Tang introduced at a briefing held by the State Council Information Office on Nov. 23. Xu Zhong, research head of People’s Bank of China (PBC) said that 12 of the 53 measures were on finance, adding that they were expected to promote trade facilitation, offer supports for FTZ reform and serve the real economy.

The promotion of innovative financial services is a focus of the PBC, and over a dozen of such services have been spread across the country by the central bank, Xu introduced. Chen Zhenchong from the General Administration of Customs said that the 53 measures also included 9 on customs. He disclosed that China will improve its construction of the “single-window” custom clearance which now consists of 9 functions, and more functions, such as aviation and railway clearance, will be added.

In addition, the functions of ports will be enhanced, which aims to better facilitate the openness of pilot FTZs, as well as the import of special products including seedlings, fruits, edible aquatic animals, medicines and biological products, Chen said. Besides, the customs will release new services and models to support the bonded storage of parallel import vehicles, bonded maintenance, bonded storage of art works and guarantee insurance of duties.

By Wang Ke

(People’s Daily)