China Business Network reported on Wednesday that China plans to establish a new free trade zone in the Yangtze River Delta region.
Zhu Min, deputy director of the Shanghai Development and Reform Commission, announced the news at a press conference held in Shanghai to promote high-quality development.
Although Zhu did not disclose the exact location of the new free trade zone, it is expected that the Suzhou Industrial Park in East China’s Jiangsu Province will become a spot.
Suzhou Industrial Park told CBN reporters that the free trade zone is a national-level plan and there is no news in the park.
Zhu Rongji emphasized that the Shanghai Free Trade Zone should work with other free trade zones in the Yangtze River Delta to play a greater role in leading the quality development of the region.
According to the Shanghai Securities News, the Shanghai Pilot Free Trade Zone will be the first to lift foreign ownership restrictions on banks and financial asset management companies, and strive to enter the new financial business license for licensed financial institutions for the first time.
The Yangtze River Delta region accounts for 3.85% of the country’s land area, generating nearly a quarter of China’s gross domestic product and one-third of its taxes. According to the report of RMB Global (a reminder of trade and research institutions), with the construction of new free trade zones in the region, megacities will become an important channel for high-quality development.
