The China (Zhejiang) Pilot Free Trade Zone (FTZ) has come under the spotlight since its official launch on April 1.
The 119.95-square-kilometer zone will be a key to accelerating the country's economic expansion through the Belt and Road Initiative. The new FTZ will serve as a demonstration area for the opening of ocean trade routes, the liberalization of bulk commodities and a global allocation of resources.
"Free trade zones are a top-notch reflection of China's policy of opening-up and the benefits will mainly lie in the liberalization and facilitation of trade and investment," said Huang Xianhai, vice dean of the School of Economics at Zhejiang University.
It is expected that the lives of Zhejiang citizens will be positively affected by the China (Zhejiang) FTZ in the following ways:
Cross-border online shopping will be easier and faster. People will have access to cheaper foreign products after the establishment of the zone.
International, high-quality public medical and education services will be available to citizens, as there will be foreign-owned hospitals and schools in the China (Zhejiang) FTZ.
People can open personal stock accounts inside the zone, making it possible to invest in overseas markets. It is foreseeable that more foreign banks will establish themselves in the FTZ, enabling people to manage their money in diversified ways.
Business and job opportunities
For those seeking business opportunities, the future simplification of administrative procedures and preferential financial policies in the China (Zhejiang) FTZ will attract foreign companies and investors, leading to increased business and job opportunities.(Chinadaily.com.cn)