Analysis of Legislation of China’s Special Economic Area - Focused on Newly Liberated Zone, Economic and Technological Development Zone, High and New Tech Development Zone -
A Special Economic Zone is a zone designated by the central government to revitalize the attraction of foreign investments, It refers to an area in which corporate taxes are exempt for foreign investors, and land, employee training programs, and expenses, etc. are supported, and various countries of the world are implementing a policy of Special Economic Zone or free economic zone for a comprehensive purpose of the development of their economy and specific areas.
China has made efforts to achieve economic development through “the construction of a socialist market economy with Chinese characteristics” by actively adopting the market function since the 3rd Plenary Session of the 11th Central Committee, which stated the opening the country to the world in December 1978. In 1980, four Special Economic Zones began to be constructed. In 1984, 14 coastal cities were open, and after 1985, the opening of the economy in coastal cities continued. In 1988, Hainan was designated as a special zone. In the development in the 1990s, a Newly Liberated Zone in Shanghai Pudong was open, and some coastal cities along the Yangtze River were open extensively. In addition, with Pudong at the head, the opening of the economy in the Yangtze River area was formed, and various Special Economic Zones have been operating.
In China’s Special Economic Area, in addition to Special Economic Zone, Newly Liberated Zone, Economic and Technological Development Zone, High and New Tech Development Zone, Customs Special Management Zones like Bonded Zone, Frontier/Boundary Economic Cooperation Zone, other types of Development Zone and various Provincial-level Development Zones.
This study investigated the status of the operation of Newly Liberated Zone, Economic and Technological Development Zone, and High and New Tech Development Zone of China’s Special Economic Area continuously implemented for more than 30 years, operating various special zone systems and analyzed the related legislation to seek a plan for the revitalization of the Korea’s Saemangeum District designated and operated as a free economic zone.