The Chinese capital Beijing and neighboring regions unveiled a plan on Monday to promote coordinated pilot free trade zone (FTZ) development in the Beijing-Tianjin-Hebei (Jing-Jin-Ji) area. Analysts said that the important move will inject new momentum into the region's development while expanding the country's opening-up for high-quality growth.
The plan proposes 16 measures to promote the area's coordinated development in FTZs, including advancing trade and investment liberalization and facilitation, boosting the development of financial innovation and promoting the coordinated development of the industrial sector, China Media Group reported on Monday.
The action plan is a latest measure to boost the coordinated development of the Jing-Jin-Ji area since the country initiated a key strategy to coordinate the development of Beijing, Tianjin and Hebei Province in early 2014.
In May, China announced plans to build world-class advanced factory clusters in the Jing-Jin-Ji region focusing on products including electric vehicles and biomedicine, according to the Ministry of Industry and Information Technology. In June, Beijing, Tianjin and Hebei signed an action plan to boost their coordinated development in terms of trade and investment.
