Reform and opening-up of pilot FTZ in Fujian to be advanced

The State Council recently released a circular on further reform and opening-up of the pilot free trade zone (FTZ) in Fujian, China.

According to the circular, by 2020, an institutional system that links with international investment and trade rules should be established to form an international business environment under the rule of law.

Meanwhile, cross-Straits economic cooperation and regional opening-up and cooperation involving countries along the 21st Century Maritime Silk Road should also be strengthened.

The circular said that the government should further improve the management system of pre-establishment national treatment plus negative lists for foreign investment and expand opening-up the service industry.

In addition, more efforts should be implemented to promote international trade, featuring a more convenient processing trade verification system and a new processing trade supervision model based on supply chains.

Crude oil import qualifications and quotas are allowed for two or three companies in the pilot FTZ.

The circular also emphasized an international business environment that is stable, fair, transparent and predictable.

Meanwhile, the circular urged further opening-up and regulatory innovation in the financial sector. It said that qualified multinational companies in the free trade zone can file for cross-border two-way RMB capital pool business based on their operational needs.

The government should support banking and financial institutions in the pilot FTZ to issue credit loans to enterprises and keep risks under control.

The financial supervision system should also be improved to stop systemic financial risks, and work on anti-money laundering, anti-terrorism financing, and anti-tax evasion should be strengthened.

Measures should be taken to make it convenient for high-level foreign talent to work and live in China, and entry and exit visa procedures for business personnel and high-level personnel should be simplified, the circular added.

According to the circular, the government should promote administration streamlining, and achieve standardization and transparency in all its services.

In addition, Internet Plus government services should be accelerated to strengthen inter-departmental linkage and achieve online processing of enterprise registration, annual report, project investment, and other government services.

Meanwhile, more efforts should be in place to facilitate information exchanges and sharing among approval, license and certification and supervision systems, thus establishing an efficient supervision model based on big data.

According to the circular, the government should establish a “single window” for international trade, and promote the inter-connected development of the pilot FTZ, Pingtan Comprehensive Experimental Area, Fuzhou new area, and Fuzhou-Xiamen-Quanzhou National Independent Innovative Demonstration Zone.

It also mentioned that cross-Straits cooperation on industries, customs clearance, finance and entrepreneurship should be further increased.

The government will strengthen cooperation with ports and countries along the Belt and Road, and accelerate the second phase of Fuzhou Airport and the construction of a new airport in Xiamen.

It will support the China-ASEAN Marine Product Exchange, and build it as a regional seafood trading center.

Enhanced cooperation on customs clearance, certification and measurement in countries and regions along the Belt and Road is also highlighted in the circular.