Illustration: Luo Xuan/GT

With the global economy facing the daunting challenges of a sharp slowdown and stifling trade protectionist moves from Washington, China is ratcheting up efforts to reshape its vast economy to make it more solid, rooted in modern technologies and more closely integrated with other economies.

China has a two-pronged goal - making its economic pie bigger in order to enrich its own citizens, and making the 1.4 billion-population Chinese market fatter and more lucrative, so that all aligning and cooperating economies could benefit and share in China's economic success. 

That logic explains why China is unswervingly tethered to its non-stop opening-up drive and reforming its economic system in all facets, even when the country is forced into a battle of tit-for-tat tariffs with the US on a massive, unprecedented magnitude. 

In past years China has tried its utmost to add to its market's allure, and investments from Germany, Britain, France, Japan, South Korea and many other countries are swarming in. 

Since the trade war broke out in 2018, China has opened its arms to embrace foreign businesses. Even if one or two US companies decide to exit the Chinese market, their void will be quickly filled by others. 

Now, as promised, China is earmarking more lands pegged with favorable taxation policies and logistical support to attract foreign investors. 

First revealed in late June at the G20 summit in Osaka, Japan, China's leadership has released a plan to set up six new free trade zones (FTZs) in the Heilongjiang, Hebei, Shandong, Jiangsu and Yunnan provinces, and the Guangxi Zhuang Autonomous Region. Fresh tax incentives and import-duty exemptions for enterprises working in these zones are expected to lure overseas companies. 

The new FTZs aim to accelerate the free flow of goods and capital, and allow for a broader range of overseas investment in the fields of high-technology, manufacturing, finance, retail, logistics and the cultural sector, according to a statement from the central government. 

Since the first was established in Shanghai in 2013, the country now has a total of 18 FTZs, connecting all of China's coastal provinces. As the world's largest manufacturing country, China aims to shore up the completeness of its industrial chain, particularly its high-tech components and software supplies, and the 18 FTZs will help the country attract top-caliber talent globally and ameliorate supply loopholes. 

The Heilongjiang FTZ is expected to boost trade cooperation with Russia by easing the movement of goods and people across the border, and inspiring Chinese companies to look for more opportunities abroad. 

The Guangxi and Yunnan FTZs are intended to build a new, international land-sea trade corridor with all ASEAN and South Asian countries, as well as to promote trade, logistics and labor cooperation through the maritime Silk Road to Europe, Africa and the Middle East. Just one week ago, Shenzhen city, sometimes referred to as China's Silicon Valley, was designated by China's central authorities as a modernization demonstration zone, to be built up with Chinese socialist characteristics. 

The city, clustering high-tech ventures like Huawei, Tencent, BYD, DJI and ZTE, is tasked to lead advanced innovations in new technologies and new business models. It is also encouraged to explore new forms of digital payment and foreign exchange transactions. 

Together with other megacities and economic centers like Beijing, Shanghai, Chongqing, Chengdu and Xi'an, Shenzhen will lead an economic take-off in southern China, along the famed Pearl River Delta region, Chinese economists say. 

Many may have queries about the efficacy of China's central government making high-profile plans, known in China as "Top-level Design." Such doubts are unwarranted. After policymakers in Beijing debate, choreograph and enact a large-scale plan, all market players - including SOEs, private-capital and overseas investment - are instigated, if not galvanized. They will have brainstorming sessions, carefully combing through the details and searching for opportunities. 

Shenzhen city, which was a fishing village only 40 years ago, is testament to the efficacy of "Top-level Design." 

The author is an editor with the Global Times. bizopinion@globaltimes.com.cn