The construction of free trade zones (FTZ) is an important aspect for promoting systematic construction of the Belt and Road Initiative, said Xu Ningning, executive president of China-ASEAN Business Council, adding that China needs to upgrade its established FTZs and accelerate the negotiation process of new free trade agreements (FTAs), and at the same time the country should further open its market and strengthen cooperation via signing more FTAs.
Xu noted that a series of feasibility study should be conducted for FTZ construction along the Belt and Road. Xu advised that the relevant authorities should further increase efforts to strengthen its support for such feasibility steady.
According to Xu, Chinese local governments should earnestly implement the guidelines on speeding implementation of the FTZ strategy released by China's State Council, the cabinet at the end of 2015.
Xu meanwhile believed that industrial cooperation is the top priority for the construction of FTZ after completing the FTA and China should take advantage of open markets and zero tariff to strengthen industrial cooperation and bring more trade creation.
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