China will encourage its pilot free trade zones (FTZs) and comprehensive bonded areas to build global supply warehouses and transportation hubs during the 14th Five-Year Plan period (2021-25), in order to spur new forms and models of foreign trade, a government official said on Tuesday.
With China and its partners pushing for the Regional Comprehensive Economic Partnership agreement to become effective next year and preparing to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, it is vital for the country to establish such facilities in these zones, as well as the Hainan Free Trade Port, said Li Kuiwen, director-general of the General Administration of Customs’ statistics and analysis department.
The new forms and models of foreign trade refer to a range of businesses like cross-border e-commerce, market procurement, comprehensive foreign trade service providers, bonded maintenance, offshore trade and overseas warehouses, according to information from the GAC and the Ministry of Commerce.
