The Ministry of Commerce ("MOFCOM") has recently issued the Circular on Several Measures in Support of Faster Development of the China (Hubei) Pilot Free Trade Zone (the "Circular").
The Circular urges the Department of Commerce of Hubei Province to take 24 measures in five aspects, including boosting the quality of trade development. Among others, the Circular underscores the need to endorse the construction of the Wuhan Cross-border E-commerce Comprehensive Pilot Zone to create new forms and models of trade such as cross-border e-commerce, support Wuhan, Xiangyang and Yichang in carrying out the pilot program for cross-border e-commerce retail imports, and support Xiangyang and Yichang in undertaking outsourced services relating to information technology, research and development of biomedicine, management consulting, engineering design, etc., primarily in areas within the free trade zone. Moreover, the Circular calls for efforts to guide the Hubei Pilot Free Trade Zone (FTZ) on vigorously pushing for the development of new business models and forms of digital commerce, explore the establishment of the customer-to-manufacturer (C2M) industrial bases, encourage deep integration of the advanced manufacturing industry and the modern service industry, and assist small- and medium-sized enterprises (SMEs) in seeking digital transformation. Also, the Hubei FTZ will be supported and guided in attracting investment in high-end manufacturing, modern service and other sectors from Taiwan and deepening economic and trade exchange and cooperation with Hong Kong and Macao.