Is China a FTZ?
China now has 21 pilot free trade zones (FTZs) spread across the country following the State Council’s decision last September to establish three new FTZs in Beijing, Hunan and Anhui, as well as expanding the existing FTZ in Zhejiang.
What is FTZ compliance?
Foreign-Trade Zones (FTZ) are secure areas under U.S. Customs and Border Protection (CBP) supervision that are generally considered outside CBP territory upon activation. Located in or near CBP ports of entry, they are the United States’ version of what are known internationally as free-trade zones.
How many FTZ does China have?
China has 18 Free Trade Zones and will most likely establish more in the future. You can find the biggest Free Trade Zones in its bigger cities such as Shanghai, Guangzhou, Shenzhen, Tianjin, and Chongqin.
How do I set up FTZ?
To get foreign-trade zone status:
- Apply Online.
- Designate what type of authority you wish to have (e.g., general purpose, subzones, and production)
- Pay a fee to enter an FTZ.
- Activate your license through the U.S. Customs and Border Protection (CBP).
Where are the free trade zones in China?
China’s Six New Free Trade Zones: Where Are They Located? (2019 Expansion) On August 26, China announced it will be expanding pilot free trade zones (FTZ) to six new provinces across the country. These are Jiangsu, Shandong, Hebei, Heilongjiang, Guanxi, and Yunnan.
Is Shenzhen A FTZ?
Shenzhen has two free trade zones: Futian Free Trade Zone (FTZ) and Yantian Integrated Free Trade Zone. Futian FTZ was established on May 28, 1991 with the approval of the State Council. It was officially opened in February 1993. The supervised area is 1.35 square kilometers.
Why were China’s free trade zones created?
Originally, free trade zones were created as testing grounds to facilitate import-export and international trade, offering duty-free import, export, and warehousing.