Why were free trade zones created in China?

Answer 1

Free trade zones in China were created to stimulate economic growth, attract foreign investment, and promote trade by offering a more flexible regulatory environment. These zones allow for reduced tariffs, streamlined customs procedures, and fewer restrictions on foreign businesses, enabling greater innovation and competitiveness. The initiative also aims to facilitate the transition towards a more market-oriented economy and enhance China's integration into the global economy. Overall, free trade zones serve as experimental areas for economic reforms and liberalization.