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China launched the China (Hubei) Pilot Free Trade Zone and the China (Henan) Pilot Free Trade Zone on April 1, together with another five in Chongqing city and Liaoning, Shaanxi, Sichuan and Zhejiang provinces. As the two largest provinces of six in Central China in terms of 2016 gross domestic production, Hubei and Henan are well-positioned to expand opening-up and lead development of the central region. The Hubei FTZ covers a combined area of 120 square kilometers in the cities of Wuhan, Xiangyang and Yichang, while the Henan FTZ covers a roughly equal land area in Zhengzhou, Kaifeng and Luoyang.
The Hubei FTZ will be built into a demonstration zone for the transfer of industries from coastal regions to the central region and a base for high-tech industries. It is anticipated to play a leading role in the rise of the central provinces and development of the Yangzte River Economic Belt. In contrast, the Henan FTZ will become the national transport and logistics hub to serve the country’s Belt and Road Initiative.
Targeted industries of the three Hubei FTZ cities: Wuhan: information technology, bioscience & health, intelligent manufacturing, international trade, financial services, logistics, inspection & testing, research & development, and information services. Xiangyang: high-end equipment manufacturing, new energy vehicles, big data, cloud computing, logistics, and inspection & testing. Yichang: advanced manufacturing, bioscience & medicine, electronic information, new materials, research & development, and e-commerce. Targeted industries of the three Henan FTZ cities: Zhengzhou: intelligent terminals, high-end equipment and auto manufacturing, bioscience & medicine, logistics, international trade, cross-border e-commerce, financial services, outsourcing, design, exhibition, and animation and games. Kaifeng: outsourcing, medical services and products, tourism, design, culture & media, culture & finance, arts transactions, and logistics. Luoyang: equipment manufacturing, robotics, new materials, research and development, e-commerce, outsourcing, local culture and tourism.
How the FTZs will benefit people's lives: 1. More overseas merchants will be introduced, bringing down prices of overseas products. 2. Imported food will be fresher, as customs clearance times will be reduced by 80 percent in the Henan FTZ. 3. Cheaper imported cars with better after-sale service will be available. 4. Restrictions on foreign hospitals are to be relaxed in the FTZs, so people will be able to enjoy better medical service. 5. More favorable policies will be offered to start-ups and entrepreneurs.
6. More opportunities for Chinese to work in foreign companies and more chances for overseas training will emerge. 7. It will be more convenient for foreigners to work in China. 8. Supported by favorable taxation policies, foreign travel agencies will be available in the FTZs, offering tourists more choices for global travel with lower prices. 9. Individuals may be allowed to invest in Hong Kong and United States stock markets with accounts opened in the FTZs. 10. Easier access to more original foreign games is expected, as foreign companies will be allowed to operate animation and game businesses in the FTZs. |
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