China announces the establishment of a pilot free trade zone

Today, the Chinese authorities officially raised the curtain on the pilot free trade zone during a special ceremony.

The project was unveiled earlier this month by Chinese President Xi Jinping when he addressed the World Trade in Services Summit on the sidelines of the China International Trade Fair 2020.

Covering nearly 120 square kilometers, the pilot free trade zone consists of three sectors characterized by technological innovation, international business service and advanced industries, and will serve as a high-level openness platform for the coordinated development of the Beijing-Tianjin-Hebei region and open new horizons for reform and opening up at a higher level. .

This step is part of Beijing's efforts to develop an "integrated national display area for more openness in the service sector," which will enable the Chinese capital to "take bigger and more bold steps as a pioneering region, and gain more experience that can be replicated and will be developable," he said. By the former Chinese president.

In this regard, the plans propose building a system and mechanism for the development of the digital economy and will focus on six main areas, namely infrastructure building, digital manufacturing and digitization of industry, digital governance, data evaluation and digital trade development.

An international exchange of big data will be conducted in Beijing that includes reliable data information recording, recognized data exchange, data operation and management covering the entire industrial chain, data-based financial innovation service and new technology driven by financial data technology.

The Chinese government is set to unveil a pilot project for cross-border data flow and security management to provide strong security policy, management and guarantees for the establishment of the Beijing Pilot Digital Trade Zone.

Beijing's digital economy is expected to account for 55 percent of the region's GDP by 2022, making it a pioneering region and a unique experience for developing the national digital economy.

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