China's Free-Trade Zones: Developing the national economy through liberalization
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A free-trade zone is a certain type of special economic zone. It is an area where goods may be imported, stored, handled, manufactured, or reconfigured, and re-exported under specific customs regulations. These goods are usually not subject to customs duty. Apart from Hainan, there are four free-trade zones in China and their establishment has proven to be beneficial to the national economy.
The Shanghai Free Trade Zone was approved on August 22nd, 2013 by the State Council, and it was the first free-trade zone in the Chinese mainland.
The Guangdong Free-Trade Zone is in southern China near Hong Kong and Macau. The zone integrates three existing bonded zones: the Nansha New Area in Guangzhou, Qianhai and Shekou Industrial Zone in Shenzhen and the Hengqin subdistrict in Zhuhai.
Founded in Mawei District of Fuzhou on April 21st, 2015, the Fujian Free-Trade Zone integrated three existing bonded zones in three areas — the Pingtan subdistrict, the Fuzhou subdistrict and the Xiamen subdistrict.
The Tianjin Free-Trade Zone is located in Tianjin, northern China, only half an hour away from the country's capital Beijing on a high-speed railway. It is the only free-trade zone in northern China. This free-trade zone is playing key role in the coordinated development of Beijing-Tianjin-Hebei region.