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With the foreign investment law coming into force on Jan.1, 2020, free trade zones (FTZs) in China are gearing up for the implementation of more institutional reforms and more measures boosting reform and opening-up, Economic Information Daily reported Thursday.

(Photo/People's Daily Online)

As the “test zone” of China’s efforts to expand reform and opening-up, FTZs are thinking of ways to make greater breakthroughs in the negative list for foreign investment market access, according to Tang Wenhong, an official with China’s Ministry of Commerce (MOC).

The MOC will make concerted efforts with the relevant departments to further shorten the negative list for foreign investment market access and explore the establishment of a negative list management system for cross-border trade in services in China’s FTZs, said Tang.

Greater efforts will be made by FTZs to boost opening-up by advancing institutional reforms in such fields as rules, regulations, administration, and standards, disclosed Tang.

The free trade port which is about to be built in south China’s Hainan Province, will highlight investment and trade liberalization, according to Tang, adding that the free trade port will make efforts to perfect an intellectual property protection system, ensure the role of finance in serving the real economy, and implement policies to make immigration and entry-exit applications easier and more convenient for certain groups of foreigners.

The free trade port will also establish a special taxation system to make it internationally competitive and set up regulatory standards and systems in line with corresponding international standards and systems, noted Tang.

“At present, the focus of China’s efforts in boosting opening-up is shifting from the flow of commodities and production factors to institutional openness. More effort is being put into institutional and structural arrangements,” said Chi Fulin, head of China Institute for Reform and Development.