China launches 3 new free trade zones

BEIJING: China officially launched another three free trade zones (FTZs) on Tuesday after the establishment of the country's first FTZ, the Shanghai FTZ, in September 2013.

The three FTZs are situated in the northern port of Tianjin, the southern province of Guangdong and China's southeast province of Fujian, Xinhua news agency reported on Tuesday.

The three new FTZs are expected to boost economic reform, promote trade and facilitate investment in new areas as the world's second largest economy moves away from an unsustainable export-dependent model, the state-run news agency reported.

Xinhua said the Tianjin zone will prioritise modern service industries, including shipping, culture and equipment manufacturing, aiming to better integrate the northern municipality with Beijing and Hebei Province. 

The Guangdong zone, which will have three bases in the cities of Guangzhou, Shenzhen and Zhuhai, will deepen economic cooperation between the mainland and neighbouring special administrative regions of Hong Kong and Macao, it said.

The Fujian zone covers three areas in Xiamen, Fuzhou and Pingtan, a new industrial park targeting investment from Taiwan, and will focus on developing economic cooperation between the mainland and Taiwan. 

Xinhua said the Shanghai FTZ had attracted nearly 12,000 registered enterprises.

All four zones must adhere to the negative list, which prohibits or restricts foreign investment in 122 areas, ranging from Internet news services and production of radio and television programmes to non-ferrous metal mining. 

The number of investment areas was reduced to 122 from 139, the news agency reported.-Bernama