Wenzhou to build comprehensive free trade zone
The State Council recently approved construction on a comprehensive free trade zone in Wenzhou, Zhejiang province, according to the city's port authorities.
The zone, to be located in the Oujiangkou Industrial Cluster Area, will cover an area of 1.44 square kilometers, and construction is expected to be finished within one year.
It will focus on developing modern logistics, advanced manufacturing, bonded services, and emerging industries of strategic importance.
A comprehensive free trade zone is a special customs supervision area in China that is more open to international investment than other areas, has more favorable policies, and has simpler administrative procedures.
The State Council introduced 21 new measures in early 2019 to develop such zones into globally-competitive hubs of manufacturing, R&D, logistics, maintenance, and sales services.
The approval of the Wenzhou Comprehensive Free Trade Zone marks a major breakthrough for the city in furthering its opening-up.
Wenzhou is one of the most open cities in Zhejiang and has among the province’s best port infrastructure. The city also boasts a robust private economy, with local people doing business in many places around the world.
In December 2019, the city was approved by the State Council to build a comprehensive experimental zone for cross-border e-commerce, and in January 2020, it was selected as a pilot city for the development of the cross-border e-commerce retail import business.