Changsha, the provincial capital of Central China's Hunan province, plans to apply for the first inter-regional free trade zone in China together with three other central cities in the Yangtze River economic belt.
According to the Hunan delegation of the 12th National People's Congress (NPC), Changsha NPC deputies, including mayor Hu Henghua, will make a proposal for the idea to build the country's first inland inter-regional free trade zone, joining forces with Wuhan in Hubei, Nanchang in Jiangxi, and Hefei in Anhui, three other provincial capitals in Central China.
The four cities along the Yangtze River economic belt boast favorable industrial base, similar economic development level, and convergent social culture.
"With increasing inter-regional flow of investments, trade, and overlapping markets, and continuously improving cooperation and links between the capital cities, it is time to seek after a free trade area status", said local newspaper Hunan Daily.
The Changsha NPC deputies suggest in their proposals that to build the first inland free trade zone among the city clusters in the middle reaches of Yangtze River is significant in four aspects.
First, it will explore new paths for the booming of the Yangtze River economic belt, which currently has no mature experience in kind to take as reference.
Second, by breaking down the administrative boundaries and market barriers, it will boost the free flow of market forces, investment, and trade, as well as regional customs clearance cooperation, helping to cultivate unified factor markets, market access system and standards, and integrated custom clearance system.
Third, the four cities will play a more important role in the development of central region,, growing into a new highland for open development in inland China.
Fourth, it is favorable for building a top-level industry cluster in the area driven by integrated resources and innovation.
The mayors of Changsha, Nanchang, Wuhan and Hefei agreed to strive for free trade zone status during the third annual meeting of leaders from the provincial capitals in the middle reaches of Yangtze River, held in Hefei on Feb 7.