New FTZs

An aerial view of high-rise buildings in Lingang area in Shanghai on August 6, 2019. [Photo/IC]

The State Council announced to set six new pilot free trade zones located in Shandong, Jiangsu, Guangxi, Hebei, Yunnan and Heilongjiang provinces on Aug 26.

Currently, the total number of China's pilot FTZs total 18, which serve as pioneers of the country's reform and opening up as they test new styles of foreign investment management, trade facilitation and transformation of government functions to better integrate the economy with international practices.

The six new pilot FTZs will be tasked with differentiated reform try-outs.

Additionally, the new Lingang area of the China (Shanghai) Pilot Free Trade Zone was officially launched on Aug 20.

The new section will match the standard of the most competitive free trade zones worldwide and will facilitate overseas investment and capital flows and realize the free flow of goods, according to the area's development plan.

The area will be built into a special economic function zone with global influence and competitiveness.