The Guangdong FTZ Regulation will come into effect since July 1. "The most important thing in the Regulation is to encourage innovation by law protection," said by Liu Yuelun, vice chairman of the Standing Committee of Guangdong Provincial People's Congress on a conference on promoting the Regulation.
In short, citizens, legal persons and other organizations are encouraged to make innovations in Guangdong FTZ only if their projects haven't been prohibited by law.
According to Liu, "Guangdong FTZ initiates the fault tolerance mechanism for innovation."
For instance, if a customs clearance agency launched a measure to collect shipping companies' file with big data and aims to provide 5,000 companies' information for customs departments each year. However, that company couldn't finish that goal, it won't be blamed or punished since that innovation does bring some revolutionary progress.
The Regulation also gives priority for cooperation among Guangdong, Hong Kong, Macao and the countries along “Belt and Road”. On the one hand, service trade facilitation between Guangdong and Hong Kong, Macao will be promoted. On the other hand, Guangdong FTZ will further its opening up and seek cooperation with FTZs, countries along the Belt and Road in finance, shipping, tourism and other fields.
Other highlights in the Regulation include administrative system, investment and trade facilitation and opening, promotion of high-end industries, financial innovation, etc.