China intends to develop a free trade area by promoting successful projects

Almaty. April 23. Silkroadnews - China will further develop a free trade area (FTA), promoting their most successful projects and at the same time preventing risks, reported Xinhua news agency.
"The Shanghai FTA has reached considerable success on the formation of a "negative list", trade facilitation, implementation of financial reforms and the formation of the intermediate and final monitoring and surveillance", - said Vice Premier Wu Yi Wang Yang.
He noted that the registration of companies in the Shanghai FTA has been reduced from 29 to 4 days. As of February this year, there have been created 16,2 thousand new enterprises, which is highest in the last 20 years. As recalled by the agency, the first Chinese pilot FTA was established in Shanghai in August 2013.
In the course of studying the experience of Shanghai FTA, chineese government has revealed some problems, including limited area of ​​action results of the reforms, the lack of coordination of work and the need for improved monitoring and surveillance.
W.Yang pointed out that the State Council will monitor the implementation of the work plan of the pilot FTA, which was released earlier. In addition, in order to coordinate the pilot FTA, recently was formed an inter-ministerial structure, which presents 30 of the central authorities.
He also said that Shanghai FTA was created as an advanced pilot FTA in China in terms of services and management. Guangdong pilot FTA will focus on integration with the Hong Kong SAR and Macao SAR, Tianjin FTA pilot - will accelerate the coordinated development of Beijing and Hebei Province (North China). Finally, Fujian pilot FTA will play an important role in deepening economic cooperation between the two sides of the Taiwan Strait.
According to the vice-premier, China's State Council will promote the successful experience of the pilot FTA by improving systems and policies in other areas of China.