China's State Council issued a master plan for the China (Fujian) Pilot Free Trade Zone (FTZ) on April 20, 2015, outlining strategic goals for Fujian to become a leader in institutional innovation, cross-Straits cooperation and a core area on the modern maritime Silk Road.
Features of the plan
1. Drive reform through further opening-up
The ultimate goals are exploring new development patterns and piling up experience during reforms and opening-up. Fujian will make institutional innovation and transform government functions.
2. Deepen cross-Straits economic cooperation
Fujian will give full play to relations with Taiwan, push for further liberalization of investment and trade, and make exchange of funds and personnel more convenient.
3. Serve the Belt and Road initiative
Fujian is an important origin of the ancient maritime Silk Road and is ready for opening-up. Based on that, it will increase economic cooperation with countries and regions along the modern maritime Silk Road.
Layout of Fujian FTZ
Fujian FTZ consists of three sections in Fuzhou, Xiamen and Pingtan, totaling 118.04 sq km.
Fuzhou Area
Size: 31.26 sq km (22 sq km at Fuzhou Economic and Technology Development Zone and 9.26 sq km at Fuzhou Bonded Port Zone Area)
Pingtan Area
Size: 43 sq km (16 sq km at port economic and trade zone, 15 sq km at high-tech industrial zone and 12 sq km at leisure tourism zone)
Xiamen Area
Size: 43.78 sq km (19.37 sq km at the core area of the Cross-Straits Trade Zone and 24.41 sq km at the Haicang Port Section of the Dong'nan International Shipping Center)
Focus of three FTZ sections in Fujian
Pingtan FTZ focuses on building a "common home" for people across the Taiwan Straits and developing an international tourism island.
Fuzhou FTZ aims to become an advanced manufacturing base, a vital platform for cooperation along the modern maritime Silk Road and a demonstration zone of cross-Straits service trade and financial cooperation.
Xiamen FTZ will build a cross-Straits demonstration zone for emerging industries and cross-Straits trade, financial services and shipping centers.
Six priorities of Fujian FTZ
1. Transformation of government functions
Deepen reform of executive administrative systems, accelerate executive approval procedures, cut red tape, enhance IP management and law enforcement, improve dispute mediation, assistance and arbitration.
2. Push for reform of investment management system
Relax restrictions for foreign investors, establish a system promoting overseas investment.
3. Push for shift of trade development modes
Explore new trade models, enhance shipping service, improve customs clearance mechanism.
4. Promotion of cross-Straits investment and trade liberalization
Explore new industrial cooperation patterns, open service sectors for Taiwan including service, telecommunication, transportation, commercial service, construction industry, product certification, engineering and professional technology, push for free cargo trades and more convenient cross-Straits travels.
5. Push for opening and innovation in financial service
Further open finance sector, improve financial services, push for cross-Straits financial cooperation
6. Foster a new Pingtan
Push for liberalization of services trade and shipping, build Pingtan into an international resort island.
