China implements measures to align free trade zones with international standards

BEIJING: China has fully implemented the first batch of measures to align its pilot free trade zones (FTZs) with high international standards, Xinhua News Agency reported, citing the Ministry of Commerce on Tuesday. In June 2023, China's State Council issued a circular on deepening reforms in eligible FTZs in Shanghai, Guangdong, Tianjin, Fujian and Beijing, as well as in the Hainan Free Trade Port, to align with high-standard international economic and trade rules. A year later, these measures have been implemented fully, resulting in a slew of leading and pioneering institutional innovations, according to the ministry. These innovations have provided experimental support for China to join high-standard trade agreements and explored practical paths to further its institutional opening up. Several first-of-their-kind institutional innovations have been fully implemented. The ministry said that the imports of 62 types of re-manufactured products, including automotive engines, have been relaxed. Source: E mirates News Agency