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Planning for Hubei pilot free trade zone released

  China (Hubei) Pilot Free Trade Zone Wuhan Area unveiled in Optical Valley Third Road Photo by Ren Rong

  The State Council recently released the general planning of seven free pilot trade zones in Liaoning, Zhejiang, Henan, Hubei, Sichuan, and Shaanxi provinces, and Chongqing City.

  In accordance with the general planning, the Hubei Pilot Free Trade Zone will be implemented in three areas: Wuhan, Xiangyang, and Yichang, covering an area of 119.96 square kilometers.

  Hubei Pilot Free Trade Zone will be built into a demonstration zone in Central China to carry out industrialtransfers, a center of high-tech industries and strategic emerging industries, an experimental field for comprehensive reform, and a new focus of inland open economy.

  The Wuhan area of the Hubei Pilot Free Trade Zone will stretch up to 70 square kilometers, including the 5.14- square-kilometer East Lake Comprehensive Bonded Zone. The Xiangyang area will extend to 21.99 square kilometers, including the 0.281-squarekilometer Xiangyang Bonded Logistic Center and the Yichangarea to 27.97 square kilometers.

  Based on regional distribution, the Wuhan area will focus on several strategic emerging industries such as next-generation information technology, the life and health industry, intelligent manufacturing, and modern service industries like international business, financial services, modern logistics, inspection and testing, research and development, information, and professional services. It will also highlight innovation and promote reform and development.