China approves 12 new Free Trade Zones

January 24, 2014 - 11:17:19 am

BEIJING: China's central government has given the nod to 12 free trade zones (FTZs) following the one in Shanghai, amid a spurt of nationwide enthusiasm for such schemes.

Tianjin Municipality and Guangdong Province have already been given the green-light to set up the FTZs, Chinese news agency Xinhua reported.

After consent from the cabinet, a group of central government departments will conduct a joint survey of the proposed zones, and hammer out specific establishment plans in a process that may last more than a year, said the source.

Provincial regions including Zhejiang, Shandong, Liaoning, Henan, Fujian, Sichuan, Guangxi and Yunnan, and cities including Suzhou, Wuxi and Hefei have all said that filing FTZ applications is high up their 2014 priority list.

Last September, China established the Shanghai FTZ, the first of its kind.

As a national strategic trial to further tap market forces and push market-oriented trade and investment reforms. (QNA)