China’s State Council has recently issued a circular on the dissemination of the sixth batch of pilot free trade zones reform experience, from the report of Shanghai Securities News on Wednesday.
The pilot reforms to be spread across the country included, 31 reform items of five areas, involving financial opening up, supervision, trade facilitation, investment management and human resources.
Sun Yuanxin, a senior professor on free trade zones of Shanghai University of Finance and Economics, said that the new items to be promoted cover a wide range of areas and many of them are deeply specialized, reflecting the integration of the institutional innovations.
According to the circular, nine reforms will be disseminated nationwide in the field of investment management, including the joint filing system of licenses for publication distribution, online distribution, green channel for power project approval and intelligent declaration service for small-scale Value Added Tax (VAT) taxpayers.
In trade facilitation, seven items would be promoted, such as innovation in financial leasing and automobile export, regulation model of bonded goods in processing trade related to plane making industry, return center warehouse of retail cross-border e-commerce and intelligent service for import and export declaration.
In the area of financial opening-up, four items including factoring companies accessing the central bank’s credit information system, green debt financing instrument innovation and securitization of intellectual property rights would be promoted nationwide.
Chen Bo, a professor specialised in free trade zones at Huazhong University of Science and Technology, said that intellectual property securitisation can make intellectual property capitalised and traded, which is conducive to manufacturing industry upgrade and the development of high-tech enterprises.
Another highlight of this batch of pilot reform experience is the facilitation measures for human resource, including the direct recognition of the vocational qualifications of some skilled personnel from Taiwan and a one-stop services platform for personnel crossing the border.
Edited By: Chioma Ugboma/Ismail Abdulaziz (NAN)
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