China plans Xinjiang FTZ for high-quality development in future

China will establish a pilot free trade zone or FTZ in the Xinjiang Uygur autonomous region to promote high-quality development in the central and western regions, foster a golden pathway between Asia and Europe, and better serve the Belt and Road Initiative, according to a guideline issued by the State Council, the country's Cabinet, on Tuesday.

The pilot FTZ will have three subzones in Urumqi, Kashgar and Khorgos, covering a combined area of 179.66 square kilometers, the guideline said, noting that each subzone will position itself distinctively, based on its specific advantages.

Using bilateral intergovernmental cooperation platforms and joint mechanisms, cross-border settlements in renminbi will be promoted with the economies involved in the Belt and Road Initiative, in areas like trade in commodities and overseas project contracts, the guideline noted.