Guangdong to get China's second FTZ, report says

By Vera Ye | November 18, 2013, Monday |

Online Edition

CHINA'S southern Guangdong Province reportedly has received a nod from the central government to establish the country's second free trade zone.

Setting up a free trade zone in Guangdong will soon be approved as the province got an informal "verbal consent" from the central authority, the National Business Daily reported today, citing unnamed sources.

The purported zone is expected to be a competitor to the pilot zone in Shanghai in terms of financial openness, the paper reported, citing an insider from the Chinese Academy of Social Sciences.

Qianhai, part of the Shenzhen economic zone that has been a pilot region for experimentation with free yuan usage and capital account convertibility, will offer Guangdong an edge in the push forward the opening up of China's financial industry.

Because of its geographic advantages, Guangdong is most likely to become China's second free trade zone to deepen economic ties with Hong Kong and Macau, said the report.

A sweeping reform document released on Friday as the outcome of the Third Plenum of the CPC says China will build more free trade zones and ports in qualified regions while pushing forward the development of the existing pilot zone in Shanghai.

Other cities including Tianjin and Xiamen have also proposed to set up free trade zones.

Kicked off in the end of September, the pilot zone in Shanghai has introduced a slew of measures to facilitate trade, expand investment openness and open up services sectors.

However, the most-anticipated financial policies to free up capital flows in and out the zone haven't yet been released.

Business Economy

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Guangdong to get China's second FTZ, report says

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