China releases plan on establishing Xinjiang Pilot Free Trade Zone

BEIJING -- China's State Council has issued a general plan for establishing the Xinjiang Pilot Free Trade Zone (FTZ) as a significant strategic move for promoting reform and opening-up in the new era.

The country will make efforts to build the FTZ into a model for promoting high-quality development in its central and western regions and a pivotal hub for Xinjiang to integrate into the "dual circulation" of domestic and international markets, according to the plan.

The FTZ will serve the construction of the core area of the Belt and Road Initiative, help the building of a "golden channel" between Asia and Europe and a bridgehead for China's westward opening up, and actively contribute to the China-Central Asia community with a shared future.

The plan will grant the FTZ greater autonomy in reform, allowing it to explore ways different from other FTZs, and cultivate and expand industries unique to Xinjiang or in which Xinjiang has advantages.

The plan identifies specific measures to be taken in 25 aspects, such as creating a first-class business environment, improving trade facilitation levels, expanding and strengthening traditional industries with advantages, and increasing economic and trade cooperation with neighboring countries.

These measures would build the zone into a high-standard and high-quality FTZ with an excellent business environment, convenient investment and trade, advantageous industry agglomeration, shared factor resources, coordinated and efficient management, and outstanding radiating and leading effects, said the plan.

It also urges efforts to strengthen risk prevention and control and safeguard national and social security in building the FTZ.