FTZ Contribution to the Chinese Economy
Free Trade Zones are special areas where China has pushed the implementation of a number of economic and social reforms, promoting free trade, investments, and new models of opening-up towards foreign economies.
According to the last report jointly issued by China Ministry of Commerce and Chinese Academy of International Trade and Economic Development during the first China Free Trade Zone Development Forum held in Wuhan in June 2019, by the end of 2018 more than 610,000 enterprises have been established in the FTZs of China since the establishment of the first one in Shanghai. Among these enterprises, around 34,000 are foreign-invested companies.
The report furtherly highlights the relevance of the FTZ in the country’s economy, reporting that the 11 FTZs (excluding Hainan FTZ) have attracted 12% of the total foreign direct investment and has generated 12% of the country’ international trade during 2018.
The report also shows that the China FTZs promotes cooperation with other regions and countries along the “Belt and Road” thanks to infrastructures that connect the central areas of Sichuan, Hubei, Henan, and Shanxi with Asian and European countries.
China Free Trade Zones
China (Shanghai) Pilot Free Trade Zone: is the first free trade zone established in 2013, expanding over 120.7 square kilometers. China Shanghai Pilot Free Trade Zone focuses on the free trade, foreign direct investment, logistics and financial services and comprises the bonded areas of Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area, Pudong Airport Comprehensive Free Trade Zone, Jinqiao Development Zone, Lujiazui Financial Zone and Zhangjiang High Tech Park.