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China operates 21 free trade zones in pilot phase: Wang Wentao

China operates 21 free trade zones in a pilot phase, said Wang Wentao, China’s trade minister, on Monday.

“We are building new platforms such as free trade zones in a pilot phase; there are currently 21 in the country, ”he told a press conference in Beijing.

The official also stressed that in China there are free trade ports, such as Hainan, of high quality to promote innovation and the improvement of national economic development zones.

Other platforms that the country promotes are the China International Import Expo, Canton Fair, Service Fair, and Consumer Expo.

Free trade zones

Wang explained that China has become the world’s second-largest consumer market and the largest trading country, ranking among the world’s leaders in both the use of foreign capital and foreign investment, and the ability to participate in global economic governance.

In addition, Wang stressed that China has a population of 1.4 billion people, of which more than 400 million are middle-income people, which constitutes a large domestic market unique in the world and has a large-scale market advantage.

Therefore, he added, domestic demand is the basic driving force of my country’s economic development, and expanding domestic demand is also an unavoidable requirement to meet people’s needs for a better life.

In 2020, the total retail sales of consumer goods of the Chinese market will be 39.2 trillion yuan, and consumption has been the main driving force of China’s economic growth for many years.

Simultaneously, the national list of negative access to foreign investment in that nation has been continuously reduced from 93 to 33 items today.

“We have relaxed restrictions on foreign equity ratios in industries such as automobiles, finance and securities, and promoted comprehensive pilot demonstrations to expand the openness of the service industry,” Wang said.

 

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