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Developing China’s Pilot Free Trade Zones into New Pillars of International Free Trade Zones: Research Findings from Hong Kong and Dubai (No. 50, 2020)
2020-04-21
By Zhang Yunhua, Research Department of Rural Economy, Tian Jietang, Research Department of Innovation Development, Zhang Liping, Research Institute of Finance, Li Chengjian, Department of Macroeconomic Research, Ning Xia, Research Department of Rural Economy & Liu Xiaoge, Research Department of Development Strategy and Regional Economy, DRC
Research Report, No. 50, 2020 (Total 5794) 2020-3-23
Abstract: In light of the advanced cases of the two major international free trade zones (FTZs) in Hong Kong, China and Dubai, the United Arab Emirates, related governmental departments on the Chinese mainland need to draw on the successful experience of the two cities, innovate policies and systems of domestic FTZs with greater efforts and a wider scope, and give full play to the global competitiveness of China’s FTZs to attract global talents, goods, capital and information. China needs to improve the layout of FTZs to take advantages of their locations in the world, make the business environment in FTZs more appealing through improving supportive tax policies, and focus on developing high-end trade industries which are fundamental and core for international FTZs. China should open up the financial sector to the greatest extent, tap into the potential of the tourism industry and create a favorable environment for digital economy in pilot FTZs to inject impetus into their internationalized development, improve the global presence of these FTZs and develop cutting-edge digital industries aiming for the international market.
Key words: free trade zones, new pillars, Hong Kong, Dubai
