China's Ministry of Commerce (MOFCOM) disclosed during a routine press conference on March 13 that the 22 free trade zones (FTZs) in the country have seen an increase in their  share of actual foreign direct investment (FDI) nationwide in 2024, underscoring their growing significance in attracting foreign capital to China.

MOFCOM spokesperson He Yongqian highlighted that in recent years, the ministry has spearheaded a series of groundbreaking and innovative reform and opening-up initiatives within the FTZs. These efforts have been aimed at fostering a market-oriented, law-based, and international business environment, greatly facilitating the development of foreign-invested enterprises in China.

In terms of market access, MOFCOM has introduced negative lists for foreign investment and cross-border service trade within the FTZs, making arrangements to further open up sectors such as value-added telecommunications, business services, finance, and culture.

Additionally, relevant departments have been urged to launch projects to pilot the opening up of cloud services, biotechnology, and wholly foreign-owned hospitals in qualified FTZs like Shanghai.

To better align with international high-standard economic and trade rules, two batches of pilot measures totaling over 110 items have been rolled out. These measures support eligible FTZs and Hainan Free Trade Port in adhering to international agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA). By doing so, they aim to carry out more ambitious pilot projects in key areas such as goods trade, service trade, digital trade, and intellectual property rights, thereby creating an institutional environment that is compatible with international high-standard rules.

Data for 2024 reveals that the nation's 22 FTZs attracted $28.25 billion in actual FDI, accounting for 24.3 percent of the country's total, marking an increase compared to 2023.

Looking ahead, MOFCOM plans to leverage the FTZs' pioneering role further, actively promoting the implementation of pilot projects in related fields. By deeply integrating with international high-standard economic and trade rules, the ministry intends to conduct more thorough and far-reaching institutional opening-up experiments, helping create a transparent, stable, and predictable institutional environment.