Hunan Rolls out Measures to Promote Pilot Free Trade Zone Reform and Innovation

Recently the Hunan Provincial People's Government issued several measures on further promoting reform and innovation of the China (Hunan) Pilot Free Trade Zone. The move aims to advance innovative development of trade and investment, accelerate the construction of opening-up channels, and stimulate the vitality of reform and innovation. It is proposed to support areas of China (Hunan) Pilot Free Trade Zone to integrate into the New International Land-Sea Trade Corridor.

Efforts will be made to promote the innovative development of trade and investment, including:

-- Promote the quality and efficiency of import trade, speed up the entry of high-quality African products into Hunan, explore pilot programs for cross-border e-commerce new retails, and strive to set up featured city duty-free shops in the pilot free trade zone;

-- Support the development of new forms of trade, pilot the use of local currencies for the settlement of trade with African countries in an orderly manner, further promote the export of second-hand equipment of construction machinery, and promote the innovative development of  bonded maintenance and remanufacturing services;

-- Boost the agglomeration development of export-oriented industries and explore and implement measures to facilitate tax services for start-ups; and,

-- Expand the opening-up of the service sector, and encourage the protection, restoration, display and utilization of returned cultural relics in accordance with the law.

Efforts will be made to speed up the construction of opening-up channels, including:

-- Give full play to the functions of open platforms, and promote the integrated and innovative development of the pilot free trade zone and special customs regulation zones;

-- Push forward the development of logistics transportation, and support areas of China (Hunan) Pilot Free Trade Zone to integrate into the New International Land-Sea Trade Corridor; and,

-- Simplify customs clearance.

Efforts will be made to stimulate the vitality of reform and innovation, including:

-- Pool scientific and technological innovation elements, strengthen the linkage between the pilot free trade zone and the Changsha-Zhuzhou-Xiangtan National Independent Innovation Demonstration Zone, and promote the construction of the one-stop service center for foreigners working in China in the zone;

-- Deepen financial opening and innovation and explore a pilot cash-pooling service for multinational companies that integrates domestic and foreign currency management;

-- Strengthen the intensive and flexible use of land, and carry out industrial park and enterprise efficiency reform in qualified areas of the pilot free trade zone; and,

-- Promote the development of the digital industry, and encourage qualified areas of the pilot free trade zone to build regional data service centers and edge data centers.