Tempo de leitura: 1 minuto
The Free Trade Zone concept was first introduced by the 1973 Kyoto Convention (International Convention on the Simplification and Harmonization of Customs Procedures 1973). The 1973 Kyoto Convention defines a Free Trade Zone as a specific district (within the customs territory of a sovereign country or region) that is designated to allow foreign goods to be imported and exported freely under tariff exemptions.
The first Free Trade Pilot Zone (herein referred to as “Free Trade Zone“) was established in Shanghai Pudong on 29 September 2013. Since then, China has approved 18 Free Trade Zones which cover the main provinces, cities and ports including Guangdong, Tianjin, Fujian, Liaoning, Zhejiang, Henan, Hubei, Chongqing, Sichuan, Shaanxi, Hainan, Shandong, Jiangsu, Guangxi, Hebei, Yunnan and Heilongjiang.
Due to their different historical background and distinct geographical advantages, each Free Trade Zone is unique and has its own area of focus. By way of example, Shanghai Free Trade Zone focuses on the reform and opening up of trade, investments, and finance. Last year, Shanghai Free Trade Zone even added a new area in Lingang to further enhance the development of high-end manufacturing. Guangdong Free Trade Zone relies on its geographical advantage of being located next to Hong Kong and Macau to promote collaboration between the three regions. Tianjin Free Trade Zone focuses on building a friendly platform for financial leasing companies, which is effective in integrating Tianjin’s financial function with its manufacturing operations.
Starting from this article, we will share the developments and advantages of each Free Trade Zone in China and also discuss each zone’s investment opportunities and potential policies. In this article, we will introduce and discuss the ongoing developments of Zhejiang Free Trade Zone as well as new policies in place to establish it as a hub for oil and gas industries.