The development from special economic zone (SEZ) to free trade zone (FTZ) of China

Abstract

The experience of many countries shows that the presence of high innovative potential is a necessary factor of economic growth in the modern world. The establishment of special economic zones at the early stage of the policy of reform and opening up helped to reduce its cost. If the establishment of special economic zones reflects the Chinese characteristics (road of socialism with Chinese characteristics), the establishment of free trade zones reflects its universality.