China’s pilot free trade zones (FTZs) are to enjoy greater autonomy in making reforms, in light of their role in facilitating the country’s institutional innovation over the past eight years, since the first one was established in Shanghai.
A key meeting on reforms has stressed efforts to deepen high-level institution-based opening-up, pledging reforms to build pilot FTZs into free trade parks with international influence and competitiveness.
The 20th meeting of the central committee for deepening overall reform on Friday reviewed and approved a series of documents, including measures on pushing innovation in trade and investment facilitation in the pilot FTZs.
Pilot free trade zones, China s vanguard of reform
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Economic Watch: Pilot free trade zones, China s vanguard of reform - Buz & Tech News
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Economic Watch: Pilot free trade zones, China s vanguard of reform
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Construction of Hainan FTP gives impetus to duty-free shopping Xinhua | Updated: 2021-07-06 09:21 Share CLOSE A woman browses products at a duty-free store in Haikou, Hainan province, on June 18. WANG CHENGLONG/FOR CHINA DAILY
HAIKOU－South China s island province of Hainan has seen exponential growth in duty-free sales in the year after a new policy was implemented.
Hainan s offshore duty-free sales hit 46.8 billion yuan ($7.2 billion) in the period from July 1, 2020 to June 30, soaring 226 percent year-on-year, provincial Customs said in Hainan s capital Haikou on Saturday.
Duty-free shops in Hainan sold over 60 million duty-free items to more than 6.2 million customers during the period, up 211 percent and 102 percent year-on-year, respectively.