China’s MOFCOM Denies Having Approved 12 New Regional Free Trade Zones

Posted by Reading Time: 3 minutes

SHANGHAI – Last Wednesday, Economic Information Daily (EID), a news agency directly supervised by the state-owned Xinhua News Agency, reported that China’s State Council had approved 12 more regional free trade zones (FTZs). It further announced that Guangdong Province and Tianjin had completed the finalizing investigations of their detailed FTZ schemes while most of the other approved proposals were at the beginning of this process.

Last Friday, however, an officer from the Department of International Trade and Economic Affairs of China’s Ministry of Commerce (MOFCOM), clarified that thus far the State Council has not approved any FTZs except for the Shanghai FTZ. The officer did confirm that some provinces and cities have submitted their application for building FTZs and they are “currently conducting research and demonstrations.”

China Briefing has contacted MOFCOM directly to further confirm that the FTZs other than the Shanghai FTZ have yet to be approved. Nevertheless, it seems that the approval for new regional FTZs will just be a matter of time.

Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia.

For further details or to contact the firm, please email china@dezshira.com, visit www.dezshira.com, or download the company brochure.

You can stay up to date with the latest business and investment trends across China by subscribing to Asia Briefing’s complimentary update service featuring news, commentary, guides, and multimedia resources.

Related Reading

An Introduction to Development Zones Across Asia
In this issue of Asia Briefing Magazine, we break down the various types of development zones available in China, India and Vietnam specifically, as well as their key characteristics and leading advantages.

Selling-to-China-thmbSelling to China
In this issue of China Briefing Magazine, we demystify some complexities of conducting business in China by introducing the main certification requirements for importing goods into the country; the basics of setting up a representative office; as well as the structure and culture of State-owned enterprise in China. Finally, we also summarize some of the export incentives available in several key Western countries.

Trading With China
This issue of China Briefing Magazine focuses on the minutiae of trading with China – regardless of whether your business has a presence in the country or not. Of special interest to the global small and medium-sized enterprises, this issue explains in detail the myriad regulations concerning trading with the most populous nation on Earth – plus the inevitable tax, customs and administrative matters that go with this.

China Approves 12 New Regional Free Trade Zone Proposals

China Considers Newly Proposed Free Trade Zones

Wholly Foreign-Owned Medical Institutions Allowed in Shanghai Free Trade Zone

Plans for the Future Development of the Shanghai Free Trade Zone

Record-Filing Measures for Foreign Investment in Shanghai Free Trade Zone

Shanghai Releases ‘Negative List’ for Foreign Investment in Shanghai Free Trade Zone

Shanghai’s New Free Trade Zone – General Plan and Regulations

China Relaxes Foreign Investment Rules for Shanghai Free Trade Zone

Shanghai Free Trade Zone Receives Final Approval

Shanghai to Create China’s First Free Trade Zone