Title: Free Trade Zones in China: Implications for China’s National and Global Economic Expansion
Speaker: Monica Thiel, Ph.D (Social Science)
Host: Shiyong Liu, Associate professor, RIEM
Time: 14:00-16:30, September 30, Friday
Venue: Yide building H503, Liulin Campus
Abstract: Historically, Free Trade Zones (FTZs) have been implemented by various countries to stimulate economic development across the globe. However, unlike, other countries, FTZs in China imbue great importance to strategically shape and drive a market economy within a transitioning economy. The FTZ is an experiment to revitalize the Chinese economy after the global financial crisis with a new governance system for sustainable development. Guided by Deng Xiaoping’s theories, the FTZs will promote reform and economic growth to establish China’s place in the global economy.
Each FTZ has a different strategy with its own local and regional characteristics. Regional FTZs should have different developmental strategies to better promote coordination, stronger partnerships, and sustainable development. Therefore, the global, national, regional and local economic conditions, stage of development, location, resources, regional agreements and international competition, must align with the priorities set by the government to open economic development through innovation in investment and finance, and the trade supervisory system within their own city and regional characteristics. Experience and lessons learned indicate FTZs must be cooperative and competitive with it’s neighboring partners, and continuously monitor global and domestic coordination policies and partnerships to ensure national and global success. Overall, the FTZs are evolving continuously by learning through experimentation to improve regulation and governance, while promoting liberalization of trade, finance and investment.