More provinces, particularly those inland, are seeking to be granted FTZ status to boost their economies. (Photo : Getty Images)
With the Chinese government set to unveil the latest list of pilot free trade zones (FTZ), more inland provinces and autonomous regions are stepping efforts to boost their chances to be chosen as an FTZ.
According to Hunan Province Commerce Department director Xu Xiangping, getting accredited as an FTZ is important for the province's economic growth, as it will provide "more convenience to investment and commerce."
Xu particularly cited the international freight train services between the provincial capital Changsha, Tashkent in Uzbekistan, and Duisburg in Germany, which he said would increase in capacity if the region is turned into an FTZ, allowing for more trade in auto parts, tea and chinaware.
Hunan is seeking to establish an FTZ encompassing the cities of Changsha, Xiangtan and Zhuzhou to also increase the export of heavy industry products like railway transport equipment and technologies and construction machinery, China Daily reported.
Meanwhile, the central province of Henan aims to improve the competitiveness of the Zhengzhou Airport Comprehensive Economic Experimental Zone to increase its chances of getting an FTZ application approval. It is also set to establish the Zhengzhou Cross Border E-Commerce Zone for the same purpose.
Shaanxi Province is also embarking on a similar effort, aiming to establish trade with countries in Central Asia, the Middle East and Europe. The northwestern province also hopes to establish trade cooperation with several domestic ports, including Ningbo-Zhoushan, Shenzhen and Qingdao.
China is expected to finalize the third batch of FTZ's by mid-March, People.cn reported. Experts said that, aside from Shaanxi and Henan, Chongqing, Hubei and Sichuan are likely to be granted the status.
