Representatives from SIP authorities met on Oct 7 to discuss strategies of building the China (Jiangsu) Pilot Free Trade Zone Suzhou Area established in SIP last month into a free trade zone with local characteristics by virtue of institutional innovation.

 

It is learnt that the new FTZ has adopted nine measures over the past month to drive innovation in trade modes, technology development and application and administrative services, and the measures have benefited many local enterprises so far. Additionally, a three-year action plan for the development of the FTZ is being made.

 

At the event, representatives from seven research groups that were formed early to make studies on reform and innovation in investment management, trade transformation and upgrading, science and technology development, high-end industrial development, administrative services, financial opening-up and efficient resource utilization for the new FTZ gave reports on their research results. They also offered advice on the future development of the FTZ.

 

Wu Qingwen, member of the Standing Committee of CPC Suzhou Committee and secretary of SIP Party Working Committee, spoke at the event, requiring the research groups to take good practices at other FTZs for reference to explore institutional innovation methods for the FTZ in SIP and make them duplicable nationwide.