By LI Linxu

In its latest move to pursue a more proactive strategy of opening up, China plans to pilot international high standards and advance institutional opening up in five eligible free trade zones and the Hainan Free Trade Port.

The five eligible free trade zones are located in Shanghai, Guangdong, Tianjin, Fujian and Beijing, according to a circular recently released by the State Council.

China (Shanghai) Pilot Free Trade Zone. (PHOTO: VCG)

Focusing on major fields, such as goods trade, service trade, digital trade, and business environment, a series of pilot measures are rolled out in these free trade zones and Hainan Free Trade Port.

If the pilot measures work well, they will be promoted and tested in wider areas, said Chen Chunjiang, assistant minister of commerce, noting that the policy will explore ways to further expand opening up, as well as provide support for joining up high-standard international economic and trade agreements.

To promote innovative development in goods trade, the pilot areas are encouraged to pilot the import of re-manufacturing goods in key industries, according to the circular.

After undergoing temporary repair at overseas, the aircraft, ships, and relevant parts shipped back to the Hainan Free Trade Port are exempt from customs duties.

To advance the liberalization and facilitation of service trade, the pilot areas are urged to provide similar services for foreign financial institutions as their Chinese counterparts.

The enterprises registered in pilot areas, or the individuals working or living in these areas, are allowed to make cross-border purchases of offshore financial services.

The pilot measures are conducive to creating a more open, fair, stable and transparent environment for domestic and foreign financial service providers, said Wang Xin, director general of the Research Bureau of the People's Bank of China, adding that these measures are expected to enrich the investment channels for relevant enterprises and individuals.

Measures will also be taken to further facilitate the temporary entry of business personnel. For experts who get jobs transferred within foreign-invested enterprises in the pilot areas, their spouses and other family members could enjoy a similar entry and temporary stay period as the experts.

The measures strive to create a favorable environment for foreign experts to work and live in China, which is a plus for these pilot areas to attract international talent, said Yang Zhengwei, director general of the Department of Pilot Free Trade Zone and Free Trade Port of the Ministry of Commerce.