China fully implements reforms in FTZs

China has successfully completed the first phase of reforms aimed at aligning its pilot free trade zones (FTZs) with international best practices, the Ministry of Commerce announced on Tuesday.

In June 2023, China’s State Council issued a circular to deepen reforms in eligible FTZs in Shanghai, Guangdong, Tianjin, Fujian, Beijing, and the Hainan Free Trade Port to align with international economic and trade rules.

A year later, these measures have been fully implemented, leading to significant institutional innovations.

These innovations have supported China’s participation in high-standard trade agreements and explored practical paths for further institutional opening up.

Notably, the country has relaxed import restrictions on 62 types of remanufactured products, including automotive engines, marking a significant step towards a circular economy.

Attribution: WAM