China to build new FTZ in Yangtze River Delta

  • China is planning to build a new Free Trade Zone in the Yangtze River Delta region, China Business Network reported on Wednesday.To get more yangtze river delta, you can visit shine news official website.

    Deputy Director of the Shanghai Development and Reform Commission Zhu Min made the announcement at a press conference on promoting high-quality development on Wednesday in Shanghai.

    Although Zhu didn't reveal the exact location of the new FTZ, Suzhou Industrial Park in East China's Jiangsu province is expected to be the spot.

    Suzhou Industrial Park said to a CBN reporter the FTZ is a national-level plan and the park hasn't got any news yet.

    Zhu emphasized the Shanghai Pilot Free Trade Zone should cooperate with other FTZs in the Yangtze River Delta to play a greater role in leading high-quality development in the region.

    The Shanghai Pilot FTZ will be the first to lift foreign ownership limits on banks and financial asset management firms and strive for the first landing of new financial business licenses for licensed financial institutions, Shanghai Securities News reported.

    With 3.85 percent of the country's land, the Yangtze River Delta region produced nearly one-fourth of China's GDP and one-third of its tax revenue. With the building of a new FTZ in the region, mega-city clusters will be an important conduit for high-quality development, according to a report from RMB To Global, a reminbi trade and research institute.
    Chinese provinces in the east will speed up the application of hydrogen fuel cell vehicles, said a new regional plan launched Friday.
    The plan outlines steps from this year to 2030 to develop hydrogen fuel infrastructure and service in the Yangtze River Delta, said Wang Ju, deputy secretary-general of the Society of Automotive Engineers of China (SAE-China), which drew up the plan under the guidance of the Yangtze River Delta Regional Cooperation Office.
    Twenty highways will install hydrogen filling facilities and over 500 hydrogen filling stations will be built across the region by the end of 2030.
    As a leading region in the development of hydrogen energy, the Yangtze River Delta region has 6 hydrogen filling stations and 17 in the pipeline.
    A total of 636 logistics vehicles and 24 buses using hydrogen fuel are in operation in cities including Shanghai, Rugao and Zhangjiagang.
    The region-wide plan will eliminate local barriers for the development of hydrogen energy and make inter-city transit easier, said Wang at a forum in Shanghai.