Solid progress made in China's three pilot FTZs

China's pilot free trade zones (FTZ) in provincial-level regions of Guangdong, Tianjin and Fujian have made various innovative achievements since their establishment in 2015, according to the Ministry of Commerce.

A total of 398 reform pilot tasks in the overall plan have been basically implemented, Tang Wenhong, an official with the ministry, told a news conference on April 28.

During the past five years, the three FTZs have carried out trail-blazing reforms, including the implementation of the pre-establishment national treatment with a negative list, "single-window" in international trade, as well as the reforms of the business registration, investment management and electricity systems.

"Institutional innovations have greatly optimized business environment and stimulated market vitality," Tang said, "Since their establishment, actual utilization of foreign capital in the three pilot free trade zones has grown by an average of about 15 percent annually."

In the meantime, The pilot FTZs have further opened up the financial sector to facilitate enterprises in financing, which effectively boosted the real economic development, the official said.

A highly-effective system for risk prevention and control was also formed between the FTZs. With cross-sectoral collaborative monitoring in key areas, no regional or systemic risks occurred in the three pilot zones since 2015, according to Tang.

Amid the COVID-19 outbreak, the country has taken multiple measures to help the enterprises resume work. By now, enterprises each with an annual output value of at least 20 million yuan ($2.83 million) in pilot free trade zones have fully restored operation, said Tang.

Tang also noted that China will be more open and transparent for market access and will create a business-friendly environment with more preferential policies to provide more support to foreign companies for their development in the country's 18 pilot FTZs.