The Regulations on China (Anhui) Pilot Free Trade Zone, passed at the 33rd session of the Standing Committee of the 13th Anhui Provincial People’s Congress on March 25, will take effect on May 1.
The regulations encourage natural persons, legal persons and unincorporated organizations to carry out innovative activities in the FTZ, and commend and reward individuals and organizations making outstanding contributions to the development of the zone.
Meanwhile, the regulations propose a fault-tolerant and error-correcting exemption mechanism to encourage reform and innovation.
The regulations also coordinate the development of the FTZ and areas under special customs supervision, promoting the integration of their administrations and allowing one regulatory agency to be responsible for the industrial development, institutional innovation, investment and talent introduction of the two types of regions.
In addition, the regulations stipulate the implementation of a negative list management system as part of the efforts to accelerate the liberalization and facilitation of investment and trade and foster new competitive edges.
Integration of customs clearance procedures will be sped up in the FTZ, according to the regulations.