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China to build high standard free trade zone network to reach worldwide - Xinhua

Business and Finance

The country will foster the growth of mutually beneficial Sino-US business relations and accelerate free trade negotiations with Japan and South Korea.

China to build high standard free trade zone network to reach worldwide - Xinhua

China will create a high standard free trade zone network that will target the entire world. This is stated in the draft "Basic Provisions of the 14th Five-Year Program of National Economic and Social Development and Prospective Development Goals for the Period up to 2035" reports the Xinhua news agency.

Among other things, China is actively considering joining the Comprehensive and Progressive Agreement on the Trans-Pacific Partnership (TPP), from which the US withdrew in 2017.

The Trans-Pacific Partnership countries account for about 13% of world GDP. Given that China's share in the world economy is about 18%, the future partnership will generate a third of the world's gross product.

At present, Thailand, Indonesia, Colombia, South Korea and Taiwan are reported to be interested in joining the TPP. The UK has also announced its intention to join the partnership after leaving the European Union.

China is ready to intensify efforts to attract and use foreign investment in the next five years. To this end, the country intends to contribute to the orderly expansion of openness in sectors such as telecommunications, the Internet, education, culture and medicine, the project notes.

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