Chongqing drafts regulation to enhance FTZ construction

The local authority in southwest China's Chongqing municipality plans has drafted a regulation on Chongqing Pilot Free Trade Zone (FTZ), to improve legal protection for the reform and innovation in the FTZ, reported local newspaper Chongqing Daily Thursday.

The local government has submitted the draft regulation to the standing committee of the fifth Chongqing Municipal People's Congress for deliberation on Thursday.

The draft regulation has drawn up a particular chapter on inland opening-up to highlight Chongqing's development characteristics further, according to Song Gang, deputy director of Chongqing Municipal Commission of Commerce.

The regulation proposed that the FTZ should actively explore inland trade rules, innovate railway documentation, and promote the formation of adjudication rules for land trade legal issues.

Meanwhile, the FTZ will promote the construction of a trans-regional joint platform by supporting the establishment of a new land-sea transportation channel in Chongqing.

In terms of promoting facility connectivity in Chongqing, the FTZ pledges to expand the function of the China-Europe freight railway corridor and cooperation with international customs on joint-supervision.

As for particular customs supervision area in the FTZ, necessary entrust supervisions in different locations will be allowed when customs are handling supervision over enterprises that are operating imports and exports on large equipment, such as aircraft and ships.

Also, favorable policies under the draft regulation will grant to supporting financial innovations in the FTZ, which are allowing banking institutions in Chongqing to provide cross-border payment and settlement services in domestic and foreign currencies for international e-commerce.