The Chinese Government has announced that it intends to expand nationwide certain measures adopted in the nation's free trade zones.
A circular has been released by the Chinese State Council, confirming that 19 measures will be applied across the country. Measures applied by the free zone include the negative list, which specifies investment sectors off limits to foreign investors. This allows investment in industries not on the list, under the conditions as domestic firms. China's free trade zones have also successfully implemented simplified trade procedures and customs regulations.
China's free trade zones have been used by the central Government to test new policies, including interest rate liberalization and fewer investment curbs, to better integrate the economy with international practices.
Shanghai was China's first free trade zone, set up more than three years ago. Thereafter, in late 2014, Tianjin, Fujian, and Guangdong were allowed to set up the second group of free trade zones, and another seven were added nationwide in August this year.
By Courtesy of Lowtax.net