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China's Hold on Free Trade

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US President Donald trump asked the US Trade Representative in May to renegotiate the North American Free Trade Agreement (NAFTA), it ended the first round of talks in August. According to the first round of negotiations, the differences between the parties are very wide and the future negotiations will not be smooth.

The US government is still implementing a manufacturing return plan to bring manufacturing jobs overseas back to its home country. At the same time, the size of foreign trade, such as Japan and Germany, and the dependence of foreign trade in the world's top economic powers, have also initiated and enacted more stringent foreign rules and regulations to restrict foreign investment--there is great resistance to globalisation. When this anti-globalisation wave emerges and is on the rise, if you look closely at the world's major economies, you will find that China is becoming the most powerful holdout of globalisation.

China's "hold on"
The establishment of the free trade area of China conforms to the rapid development of the global free trade area and it is an important bridge for China to participate in international cooperation, regional cooperation and international division of labor. Under the background of "One Belt and One Road" initiative, the establishment of China's free trade area has become an important link between the two markets in China and abroad. This has become an important platform for the new round of economic development and implementation of the opening-up policy.

In September 2013, China (Shanghai) free trade zone —— China's first free trade zone, was approved to operate. In the same period, the state council promulgated the general plan of China (Shanghai) pilot free trade zone. We have made clear that the reform of the investment system in the FTA pilot area should be guided by the foreign investment access system, the commercial registration and filing system, the supervision system in place and the ex post supervision system.

In April 2015, China (Guangzhou) pilot free trade zone, China (Tianjin) free trade zone and China (Fujian) free trade zone were officially listed and operated.

At the end of August 2016, minister of commerce, Hucheng Gao, said that the central committee and the state council decided to set up seven free trade zones in Liaoning, Zhejiang, Henan, Hubei, Chongqing, Sichuan and Shanxi.

While building a free trade area, Chinese companies are actively going out and investing abroad. As of 2016, China's foreign investment and labor cooperation have reached over 200 countries and regions, which has formed a diversified market pattern.

On the scale of investment, China's overseas enterprises are large and developing rapidly. From 2002 to 2016, the scale of outbound direct investment by Chinese enterprises kept increasing for 15 consecutive years. In 2016, the foreign direct investment achieved a historic breakthrough, and the amount of investment crossed the trillion-yuan mark for the first time.

In recent years, China has also achieved fruitful results in the free trade area negotiations. So far, China has participated in the establishment of 10 free trade zones, involving more than 20 regions and countries. The areas involved include trade in goods, trade in services, bilateral investment, intellectual property protection, rules of origin, environmental protection, etc.

At present, China is negotiating free trade area with some developed countries, such as Australia, Iceland, Norway and Switzerland. These countries and China have a great complementary effect on economic structure, and establishing free trade zones with these countries can further promote China's foreign economic development.

China's "adherence" to free trade, promoting world economic recovery, leading global governance, planning blueprint and concrete action, it is in line with the trend of economic globalization. This will not only help to bring the fruits of globalization to more countries and peoples of the world, but also enable China itself to continue to benefit from globalization. Thus, we will accelerate the realization of the goal of "community of Shared future for mankind" proposed by President Jinping Xi.

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