Wuhan Eastlake Free Trade Zone (photo by Yang Ping)
Hubei provincial government officially vowed to construct China’s first inland free trade zone (FTZ), local government announced on July 31 in Wuhan, capital of the province.
Hubei will pilot at seven key areas on the basis of Wuhan East Lake High-tech Development Zone (include Wuhan Eastlake Free Trade Zone).
According to the International Convention on the Simplification and Harmonization of Customs Procedure, FTZ refers to an area within which goods may be landed, handled, manufactured or reconfigured, and re-exported without the intervention of customs authorities. Shanghai currently has China’s only FTZ.
Using “negative list” to reduce the threshold for foreign investors is one of the greatest characteristics of China (Shanghai) Pilot Free Trade Zone. As planned, the “negative list” of Hubei Province, which defines areas that are off-limits for foreign investors in the zone, will make its debut before the end of October 2014. And after that, it will undergo trials in Wuhan East Lake High-tech Development Zone, Xiangyang Hi-tech Industry Development Zone, Yichang Hi-tech Industry Development Zone, Shennongjia Forestry District and Honghu city in Hubei.
As FTZ features opening up and free trade, Wuhan Customs and Wuhan East Lake High-tech Development Zone have issued a series of policies to elevate the level of opening-up, including the construction of cross-border e-commerce import and export platforms, comprehensive designated ports for imported fruits, meat, etc, characteristic bonded commodity display and trading platforms and so on.
According to the Hubei Provincial Development and Reform Commission on July 31, a credit information public service platform, which will cover the entire province, is under construction. When finished, it will gather all the information scattered in departments of industry and commerce, public security organs, banks, etc, for comprehensive knowledge of a company’s credibility status in various fields.
Hubei Administration for Industry & Commerce announced on July 31 that the procedure of company registration will be reformed. Companies can operate as soon as they get business licenses, not having to manage all the certificates of permission immediately. Besides, an online registry system that covers the whole province has been put into use in the end of July, and has been piloted in Xiangyang and Yichang of Hubei. It is estimated that all companies in Hubei can register through internet in the year of 2015. (hubei.gov.cn by Mao Huifang)
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