Caspian Energy Journal Caspian European Club
Thursday, 17 January 2019 17:00

Free trade port efforts gain traction in China

Free trade port efforts gain traction in China

China will step up efforts to accelerate free trade port construction this year, a further step to build on the success of free trade zones across the country, the Ministry of Commerce of China said, Caspian Energy News ( reports with reference to the press statement of the State Council of the People’s Republic of China.

Assistant Minister of Commerce Ren Hongbin said one of the ministry’s priorities in 2019 is to advance the building of free trade zones and explore steps to construct free trade ports in China. The ministry will draw on international experience and come up with policies and institutional systems for building free trade ports “as soon as possible”, Ren said at a news conference on Jan 16.

Free trade ports are regarded as the world’s most open form of economic zone, which has brought prosperity to places such as Singapore thanks to broad-based preferential policies on trade and investment. It is open to all commercial vessels on equal terms. Goods may be unloaded, stored and shipped without the payment of customs duties.

According to last year’s government guidelines, a free trade port system will be “basically established” in Hainan by 2025. Last April, China announced it would develop the island into a pilot free trade zone, through which Hainan will be granted more capacity to reform, and speed up the fostering of a law-based, international, and convenient business environment.

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Person in charge of the newsline: Olga Nagiyeva 


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