Pilot free trade zones (FTZs) in Shanghai and South China's Guangdong province were recognized for their efforts to advance institutional innovation in an index published on July 16.
The institutional innovation index of China's pilot FTZs published by Sun Yat-sen University placed the pilot FTZs in Shenzhen's Qianhai, Shanghai's Pudong New Area and Guangzhou's Nansha district in its top three positions.
Fu Zhengping, head of the institute of FTZs under Sun Yat-sen University, said that the index, which has been released for a ninth consecutive year, carries out assessments and investigations based on five main areas: trade facilitation, investment liberalization, financial revolution and innovation, governmental function transformation, and law-based environments.
It aims to provide constructive opinions and suggestions for the direction and implementation of institutional innovation policies in the pilot FTZs.
This year's index also included additional indicators focusing on the digital economy, institutional opening-up, green development and other fields. FTZs in Tianjin, Beijing, Chongqing, Shanghai's Lin'gang New Area, Xiamen in Fujian province, Chengdu in Sichuan province and Hengqin in Guangdong province rounded out the top 10 positions.
China established its first pilot FTZ in Shanghai in 2013, with the major mission of trialing transformative reforms in government functions, the country's financial system, trade services, foreign investment and taxation, as well as pilot policies that could later be applied across the country.
To date, China has established 22 pilot FTZs, which have seen successful practices in 349 cases of innovation in institutional reform promoted at the national level, according to the Ministry of Commerce.