China approves 12 more free trade zones

CMS (2014-01-24 09:13) [Full Text]

BEIJING - China's central government has given the nod to 12 free trade zones (FTZsfollowingthe one in Shanghaiamid a spurt of nationwide enthusiasm for such schemes.

Tianjin municipality and Guangdong province have been green-lit to set up FTZsa source withknowledge of the approval told Xinhua-run Economic Information Daily on Wednesdayrefusingto leak the remaining 10.

After consent from the cabineta group of central government departments will conduct a jointsurvey of the proposed zonesand hammer out specific establishment plans in a process thatmay last more than a yearsaid the source.

So farTianjin and Guangdong have completed the survey partwhich the other 10 have juststartedaccording to the source.

Provincial regions including ZhejiangShandongLiaoningHenanFujianSichuanGuangxi andYunnanand cities including SuzhouWuxi and Hefei have all said that filing FTZ applications ishigh up their 2014 priority list.

"China sets no limits on FTZ numbers and no timetables on building themas long as they meetthe requirements of an FTZ," added the source.

Huo Jianguohead of a research institute with China's Commerce Ministrysaid the emergingFTZs could be testing grounds for further opening-up policiesand serve as the bright spot of thecountry's economic development.

Last SeptemberChina established the Shanghai FTZthe first of its kindas a national strategictrial to further tap market forces and push market-oriented trade and investment reforms.

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