FTZ reforms to boost trade, data flows

China will introduce a series of pioneering integrated reforms at its pilot free trade zones to improve areas like trade, investment, finance and cross-border data flows, government officials said on Wednesday.

Speaking at a news conference in Beijing, Sheng Qiuping, vice-minister of commerce, said the proposed reforms will enable the country's FTZs to align with the high standards of international trade, thereby deepening institutional openness and fostering innovation and development across the entire industrial chain.

Despite covering less than 0.4 percent of the nation's territory, China's 21 FTZs contributed more than 18 percent of its foreign direct investment and nearly 18 percent of the country's foreign trade value in 2022.