Promoting a new pattern of full opening up Xiamen, Shanghai will plan to establish a free trade port

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Xi Jinping emphasized that more reforms should be given to free trade pilot zones to explore the establishment of a free trade port.

On October 18, the 19th Chinese Communist Party Congress opened in Beijing. In his report on behalf of the 18th Central Committee, General Secretary Xi Jinping pointed out that it is necessary to promote the formation of a new pattern of full opening up.

In fact, the concept of free trade port is not proposed for the first time. As early as March 30 this year, the State Council promulgated the “Comprehensively Deepened China (Shanghai) Pilot Free Trade Zone Reform Plan” (hereinafter referred to as the “Reform Plan”), it has already proposed the first free trade port area. For the first time, the “Free Trade Port Area” is proposed as a complete concept and is also the highlight of this “total reform program.”

According to the “Reform Plan”, Shanghai Free Trade Port Zone will be set up in Yangshan Bonded Port and Pudong Airport Customs Special Supervision Zone, and will implement a higher standard of “first-line liberalization” and “second-line safe and efficient management” of special trade Regulatory system. This will greatly facilitate the free flow of goods and capital inside and outside the port area. As a free trade area with the highest degree of openness to free trade zones, all or most of the goods entering and leaving the port will be exempt from customs duties and free storage, exhibition, disassembly, modification, repackaging and reorganization of goods within designated areas , Processing and manufacturing business activities. The move is intended to build the Shanghai Free Trade Zone into an important hub for all kinds of enterprises and elements to go global, realize the linkage between airports and seaports and further inject vitality into the deepening of the opening up.

Immediately afterwards, on October 19th, delegations from all over China discussed the matter at Shanghai and Xiamen sides and made it clear that they will establish a free trade port as soon as possible.

Han Zheng, secretary of the Shanghai Municipal Party Committee, said that over the past few years, more than 100 innovation systems have been rolled out across the country in the FTZ. In accordance with the plan of the Central Government for the deployment of a free trade port, Shanghai is now in the planning stage. The final plan must be implemented after the approval of the Central Government. At the same time, Xiamen Municipal Party Committee Secretary Pei Jinjia said in the delegation’s discussion on the 19 major reports that Xiamen will explore building an upgraded version of the free trade pilot zone and strive to build a free trade port.

In an interview with China Times reporter, Bai Ming, deputy director of Institute of International Market Research under the Ministry of Commerce, said in fact that the “Decision on Some Important Issues concerning the Overall Deepening of Reform” adopted at the Third Plenary Session of the 18th CPC Central Committee has been proposed. On the basis of a pilot project, we will select a few free trade area with certain conditions for development. “This actually includes a free trade port.”

So free trade port with the previous free trade zone What is the difference? Bai Ming further explained to reporters that as a kind of Free Trade Zone (FTZ), Free Trade Zone is generally located in the port of transportation and logistics. It is more convenient for foreign vessels to freely access such as foreign goods, loading and unloading, Sorting and processing, repackaging, transit and storage and transit, as well as specialized import of raw materials for processing and re-export, etc., may also enjoy the exemption of all or most of the tariffs and other preferential treatment.
“Free trade port should be said to be a further extension of free trade area, but the two are still different in terms of function.” Baiming said that at present, Shanghai Free Trade Zone also includes Waigaoqiao and Yangshan Port, The trade zone in Zhoushan prefers the Free Trade Port Area; the Tianjin Port Free Trade Zone in Tianjin and the Yantian Port in Shenzhen, which themselves carry the port area. However, whether there will be a free trade port in the future still needs to be observed. “For example, Jiangsu is not yet a free trade zone and Jiangsu Lianyungang was originally declared a free trade port area, and it is not certain whether such a place will have a free trade port.”

Baiming said that China’s opening-up has taken a gradual and orderly approach. As some of the contents mature, the original projects that were not open can be liberalized in a moderate and orderly manner, including opening up under capital and opening up of the entire financial industry. On the one hand, we need to make the necessary stress tests in the free trade area and, on the other, we must push forward with the new system of China’s open economy.

At present, China has already confirmed 12 pilot projects of a new system of open economy, emphasizing that the Pilot Free Trade Zone focuses more on the optimal allocation of international resources through the pilot project of gathering the internal forces of reform and opening up in China. In the future, more will emerge in these two areas Closure and convergence of more.

Thus it can be seen that building a free trade port is not only a major move for our country to promote the formation of a new pattern of full liberalization but also an important measure for proactively following the new pattern of global economic governance and connecting with the new rules on international trade and investment. It is bound to exert great influence on the development of China’s export-oriented economy in the future have profound impact.

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