31 Mar '17, 11am

China approves 7 new free trade zones in bid to open economy

BEIJING (REUTERS) - China's State Council, the country's Cabinet, has approved the establishment of seven new free trade zones to prepare for further opening up of its economy, the commerce ministry said on Friday (March 31). The new free trade zones (FTZs) will be in Liaoning, Zhejiang, Henan, Hubei, Sichuan and Shaanxi provinces, as well as Chongqing municipality, a document issued in Beijing showed. "We are building free trade zones with the aim of creating reform experiences that can be replicated throughout the country and conducting risk testing for openness throughout the country," vice-commerce minister Wang Shouwen told a news conference. Chinese leaders have pledged to open the world's second-largest economy wider to foreign investors. The latest approvals brought the total number of Chinese free trade zones to 11. China set up its first FTZ in Shanghai in 2013, ...

Full article: http://www.straitstimes.com/asia/east-asia/china-approves...

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