MOFCOM Promotes Further Opening of Hubei Pilot Free Trade Zone

The Ministry of Commerce issued a circular on 4 June (Shang Zi Mao Fa No. 102 [2020]) on the introduction of 24 specific measures in five aspects for the Hubei Pilot Free Trade Zone, including improving the quality of trade growth, optimising business environment, improving market operation mechanism, deepening economic co-operation and trade, and strengthening institutional guarantee. The ministry will support the Hubei Pilot Free Trade Zone as a testing field for comprehensively deepening reform and expanding opening up, vitalising market players and enhancing new momentum of development. The measures include:

• Foster new momentum for Hubei’s foreign trade growth. Support will be given to the Hubei Pilot Free Trade Zone in building a national base for foreign trade transformation and upgrading, conducting cross-border e-commerce retail import pilot projects, developing a comprehensive pilot zone for cross-border e-commerce in relevant areas, and creating model cities for service outsourcing.

• Establish and improve the working mechanism of foreign investment promotion, investment service and investment protection.

• Support the Hubei Pilot Free Trade Zone as a pioneer based on its development orientation in exploring and establishing a C2M (consumer to manufacturer) industrial base for reverse group purchase and promoting the deep integration of industrial chains.

Source: Ministry of Commerce​​​​​​​