BUSINESS More reforms from China's pilot FTZs to be adopted nationwide

BUSINESS

More reforms from China's pilot FTZs to be adopted nationwide

Xinhua

20:36, July 08, 2020

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Aerial photo taken on April 4, 2020 shows the Atlantis resort in Sanya, south China's Hainan Province. (Photo: Xinhua)

BEIJING, July 8 (Xinhua) -- The State Council, China's cabinet, has decided to implement more reform measures experimented with at the pilot free trade zones (FTZs) across the nation.

It is the sixth batch of measures tested by the pilot FTZs before being implemented in other areas, the State Council said in a new circular.

To be replicated nationwide are measures covering five areas: investment management, trade facilitation, financial openness and innovation, operational and post-operational oversight, and human resources, the circular said.

To reform investment management, green channels will be set up for approval procedures of electricity projects, registration of real estate will be made more convenient, and small-scale value-added tax declaration will be assisted by smart technologies. 

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