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Jiaxiang Hu

Different from all the previous Special Economic Zones which, more or less, received some incentive policies and tax reductions from the central government, the Free Trade Pilot Zones have not been offered any preferential treatment in an economic sense. Instead, they are encouraged to experiment with new innovative measures in market access and administrative regulation. With the piloting reforms in the following years, these FTZs shall expedite the functional transformation of government through streamlining the administrative power, expand the opening up of service sectors by releasing the limitations on market access, promote the reform of administrative regulation on foreign investment, develop the multinational corporation headquarter economy with more sophisticated facilities and try experiment with new trade forms. As such, experience hence gained will serve nationwide with new ideas and approaches in the next round of economic reforms.