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Innovation zones to be built to coordinate with Zhejiang FTZ

Updated : 2019-08-26 (chinadaily.com.cn)

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A car passes through an expressway toll station as it enters the China (Zhejiang) Pilot Free Trade Zone in Zhoushan, East China's Zhejiang province, on March 31, 2017. [Photo/IC]

The provincial government of Zhejiang recently announced that it plans to build innovation zones throughout the province to coordinate with the China (Zhejiang) Pilot Free Trade Zone located in Zhoushan.

According to the government plan, all 11 cities in the province can apply to build the zones relying on their provincial-level economic development zones, high-tech industrial parks, special customs surveillance zones and other functional economic areas. The province will strive to build three innovation zones this year.

The innovation zones will not only be an extension of Zhejiang FTZ, but will also have their own characteristics, focusing either on digital economy, private economy, smart manufacturing or the trade of small commodities. They will also coordinate with Zhejiang FTZ in terms of reform and innovation.

The zones will be granted the same administrative authority, delegated from the provincial government, as Zhejiang FTZ, according to the plan. 

In addition, the zones will focus on replicating and promoting the reforms made by Zhejiang FTZ, especially in terms of the transition of government functions, investment management, trade facilitation, financial innovation and opening-up, and overall regulation.