Yunnan province has officially issued the "Plan for Deepening the Reform and Opening-up of the China (Yunnan) Pilot Free Trade Zone". The plan defines the goals for reform and development and lists 16 major tasks, including the establishment of a pilot zone for implementing the RCEP (Regional Comprehensive Economic Partnership) by the end of 2025.
Since its establishment three years ago, the China (Yunnan) Pilot Free-Trade Zone has achieved initial success.
In the following five years, it aims to significantly improve the market-oriented, rule-of-law, and internationalized business environment. This will accelerate the aggregation of outward-oriented industries, promote the rapid growth of new forms of businesses, and further improve the institutional system aligned with international economic and trade rules.
During the 14th Five-Year Plan (2021-25), the zone will achieve an average annual growth rate of over 50 percent in foreign trade, foreign investment, and new market entities through reforms, opening-up and innovation.
Focusing on trade liberalization, the plan clarifies the key tasks to be completed by the end of 2025. It will support Ruili, Hekou, and Mohan to become ports for the initial import of drugs and biological products. It will also accelerate the implementation of the policy for imports of goods from neighboring ASEAN countries and promote the import of "food and medicine with the same source" products. Efforts will be made to launch a pilot program for cross-border e-commerce retail import of drugs and medical devices.
In order to promote high-quality development of the zone centered on South and Southeast Asia, the zone will also serve the construction of a regional center in international economic and trade, finance, transportation and logistics, and energy.
