China created free trade zones to boost economic growth and attract foreign investment. These zones were created to make China more business-friendly and attract firms.
2
Export-Oriented Economy:
China has long been an export-oriented economy, and free trade zones made exporting goods easier.
3
Market Liberalization:
China developed free trade zones to open up the economy and limit government intervention.
4
Special Economic Zones (SEZs):
In the 1980s, China created SEZs to test market-oriented reforms in select regions.
5
Foreign Investment:
China's free trade zones offered tax cuts, simplified administrative procedures, and other incentives to attract foreign investment.
6
Innovation and Technology:
China's free trade zones assist enterprises create new products and technologies by providing resources and support.