The State Council released a circular on May 24 on expanding reform and opening-up in the China (Tianjin) Pilot Free Trade Zone (FTZ), and promoting coordinated development in the Beijing-Tianjin-Hebei area.

It is expected that by 2020, Tianjin FTZ would embrace an open economy under an institutional framework in line with international trade and investment rules, and develop demonstration zones for coordinated development in the Beijing-Tianjin-Hebei area.

According to the circular, Tianjin is encouraged to explore new ways in streamlining administrative approval procedures, further lower market entry thresholds, open the financial sector wider, build a high-level single window system for trade facilitation, innovate a trade supervision model, optimize shipping and port services, improve factor markets management, and innovate regulations in process and afterward.

Tianjin is also urged to cultivate new driving forces for growth, through fostering frontier and emerging technologies and industries, setting up new-type trade industrial clusters centering on sectors such as service trade, e-commerce and auto imports, improving tax policies for service trade, and promoting the development of financial services for the real economy.

The circular stated efforts to build demonstration zones for coordinated development in the Beijing-Tianjin-Hebei area.

The undertaking was detailed through enhancing openness toward foreign investment and enterprises, carrying out cooperation with countries along the Belt and Road, improving port services, optimizing allocation of regional financial resources, and improving the mechanism for regional coordinated development.

The circular urged all related parties to participate in the development of the FTZ and put all details in place.