General

New Forces in International Trade! As a new highland for China's high-level opening-up to the outside world, since the beginning of this year, many free trade zones have launched pilot policies to promote a higher level of opening-up.

For example, Shaanxi Province recently released the Interim Measures for Shaanxi Pilot Free Trade Zone to Conduct Qualified Foreign Limited Partners (QFLP) Pilot and the work guidelines. In response, Chang Li, a second level inspector of the Shaanxi Provincial Department of Commerce, stated that the purpose of carrying out the QFLP pilot work is to improve the system of utilizing foreign investment, promote industrial upgrading, and provide a more convenient channel for expanding overseas investment in the domestic real economy.

Not long ago, Yunnan Province issued the "China (Yunnan) Pilot Free Trade Zone Deepening Reform and Opening up Plan", which specifies that during the "14th Five Year Plan" period, through promoting development through reform, opening up, and innovation, the foreign trade, foreign investment, and new market entities in the pilot free trade zone will achieve an average annual growth rate of over 50%. Propose to expand the "single window" service function of international trade, innovate service models such as "foreign trade+finance" and "customs clearance+logistics"; Strive to carry out pilot projects for the integration of local and foreign currency bank account systems; Deepen and innovate the "Yunnan model" of cross-border power trading, explore the establishment of a cross-border power trading rule system, and create a high-level opening up measure for power trading centers in South Asia and Southeast Asia.

Xiao Benhua, Vice Dean of the Free Trade Zone Research Institute of Shanghai Lixin School of Accounting and Finance, stated in an interview with reporters that since the beginning of this year, various free trade zones have vigorously implemented the strategy of upgrading free trade pilot zones. Firstly, efforts have been made to "upgrade", connect with international high standards through pilot projects, vigorously promote institutional opening up, and play the role of a comprehensive experimental platform for reform and opening up; Secondly, efforts have been made to focus on further expanding the opening up of modern service and advanced manufacturing industries, attracting a number of iconic foreign investment projects, such as the Tesla Energy Storage Super Factory project, which has officially landed in the Shanghai Lingang New Area.

On April 10th, He Lifeng, a member of the Politburo of the Central Committee of the Communist Party of China and Vice Premier of the State Council, stated at the opening ceremony of the Third China International Consumer Goods Expo and Global Consumer Forum that he will firmly promote high-level opening up to the outside world, further relax foreign investment market access, protect foreign investment rights in accordance with the law, and create a better business environment.

Data shows that various free trade zones have played a leading role in opening up to the outside world and made positive contributions to the development of foreign trade and foreign investment. In 2022, the 21 free trade zones achieved a total international trade import and export volume of 7.5 trillion yuan, a year-on-year increase of 14.5%, accounting for 17.8% of the national total; The actual use of foreign investment in 21 free trade zones is 222.52 billion yuan, accounting for 18.1% of the national total.

Liu Xiangdong, Vice Minister of the Economic Research Department of the China Center for International Economic Exchange, stated in an interview with reporters that the pilot institutional opening policy of free trade zones plays an important leading role in promoting high-level opening up. It can also form replicable and promotable experiences for national promotion and application, create a good institutional environment and policy experience, provide better practical exploration for China's opening-up, and play an important role in stabilizing foreign trade and foreign investment.

New Forces in International Trade! When it comes to enhancing the level of opening up of the free trade zone to the outside world, Xiao Benhua suggests conducting more "stress tests" against high standard economic and trade agreements such as the Comprehensive and Progressive Trans Pacific Partnership (CPTPP) and the Digital Economy Partnership (DEPA) to achieve mutual promotion of institutional innovation and industrial development.

New Forces in International Trade! Liu Xiangdong stated that it is necessary to promote the application of replicable open policy experiences nationwide as soon as possible. At the same time, focusing on the requirements of a first-class business environment of marketization, rule of law, and internationalization, we will accelerate the reform of "streamlining management and serving the government", improve the efficiency of government services, and provide internal impetus for high-level opening up pilot projects.