Cargo is loaded onto ships at Qingdao port in Shandong province
China on Monday released plans to build pilot free trade zones in Beijing, central China's Hunan Province and east China's Anhui Province.
The pilot free trade zone in Beijing will cover an area of 119.68 square kilometers, including three areas for science and technology innovation, international business services, and high-end industries, according to the plan.
Beijing will implement system of pre-establishment national treatment plus a negative list for foreign investment, improve trade facilitation, and relax restrictions on service trade access to the greatest extent in regions where conditions permit.
A member of staff works at Bombardier Tianjin Aviation Services Co Ltd in Tianjin Pilot Free Trade Zone
The capital will also expand the opening-up of the financial sector. It will grant qualifications to more foreign banks to conduct custody services for securities investment funds. It will encourage qualified Chinese banks to develop cross-border financial services.
It will promote the facilitation of cross-border RMB and foreign exchange in key industries as well. The city will support the central bank's Digital Currency Research Institute to set up a fintech center, build a digital currency pilot zone and a digital financial system.
Beijing is also planning to build a pilot zone for digital trade and big data exchange in a bid to boost technological innovation and the opening-up of its services sector and digital economy.
The city will optimize the approval process for work and residence permits for foreigners in China. It will carry out real-time medical expense settlement for foreign talent.
According to the plan, the capital will also set up intellectual property trading centers and encourage multinational companies to set up R&D centers.
Aerial photo shows a capsule-shaped bulk cargo warehouse in Yueyang, Hunan Province
It will build a world-class aviation hub by promoting the joint development of Beijing Capital International Airport and Beijing Daxing International Airport.
The pilot free trade zone in Hunan and Anhui will cover areas of 119.76 square kilometers, 119.86 square kilometers respectively, the plans said.
A plan to expand the pilot free trade zone in east China's Zhejiang Province was also released.
Cargo is loaded onto ships at Qingdao port in Shandong province
A member of staff works at Bombardier Tianjin Aviation Services Co Ltd in Tianjin Pilot Free Trade Zone
Aerial photo shows a capsule-shaped bulk cargo warehouse in Yueyang, Hunan Province
