How China’s free trade port will be built: It will have greater reform autonomy

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The report of the 19th National Congress of the Communist Party of China (NPC) pointed out that we should give more freedom to reform the free trade pilot zone and explore free trade. How Free Trade Port will be built will become the focus of discussion and market in the industry.

When it comes to free trade, people think more about free trade pilot zones and free trade zones. What is a free trade port? Free trade port is currently the world’s highest level of special economic function zone, its opening up mainly reflected in the tax, finance, retail, shipping and so on. Exploring to build a free trade port is a leap forward in the pilot free trade zone and will promote the continuous upgrading of the free trade zone.

Opening up will bring progress and closure will inevitably lag behind. Whether it is a free trade area or a free trade port, it is a manifestation of China’s further opening up. In the past 40 years of reform and opening up, China has made great progress in social economy by promoting reform through opening up and attracting advanced technological experience. At present, China has started a new round of transformation and upgrading with the corresponding software and hardware in urgent need of escalation. It can be said that exploration and construction of a free trade port fit the new trend of reform and opening up.

According to the policy information disclosed so far, the free trade port currently under planning is an all-round upgrade of the existing free trade zone and a further version of reform and opening up. Geographically, the free trade port is part of the existing free trade zone. In terms of supervision, the free trade port adopts an intensive management system and relies on information supervision measures to cancel or minimize the formalities of declaration and implement higher-standard trade supervision systems of “first-line liberalization” and “second-line safe and efficient management.” Of course, the free trade port will have greater reform autonomy than the current free trade zone, with a higher level of opening up and a greater degree of efforts to form a higher level of optimal allocation of resources. It is a comprehensive reform pilot zone integrating openness and innovation .

Although there are many successful free trade ports in the world with replicable experience, how these experiences are integrated with the reality of China still requires innovation and transformation. The Shanghai Free Trade Port now under discussion is based on the Shanghai Free Trade Zone and relies on the advantages of Shanghai in the areas of finance, trade, ports, shipping, services and information, through the pilot trade, finance, investment and reform of the New Deal, Take the lead in establishing a system of institutions that is linked with the rules of international investment and trade, and finally make copies and promotion in other parts of the country.

How to combine with the reality of China needs system designers to think more. Such as how to strengthen the system and rules of countries and regions along the “Belt and Road” in all countries, and how to promote the completion of a more dynamic system of internal and external economic linkage while promoting trade and investment facilitation. In addition, the free trade port should be built on a rapid basis. It will also need to be further liberalized in terms of system and design and be given more power to the free trade area.

As the 19-nation report pointed out, the door to China’s opening up will not be closed but will only grow wider and wider. To explore and establish a free trade port is an embodiment of further consolidating and enhancing the pattern of opening to the outside world in our country. In the future, with the construction of a free trade port, China’s opening to the outside world will burst into a more powerful impetus.

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