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April 3, 2017

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7 new free trade zones open for business

Source: Xinhua | 00:01 UTC+8 April 3, 2017 | Print Edition

CHINA now has 11 free trade zones, with seven going into operation over the weekend.

Contracts for 60 major projects totaling 80.2 billion yuan (US$11.7 billion) were signed in southwest China’s Chongqing FTZ, according to sources with the Chongqing Commerce Commission.

The projects cover fields such as high-end manufacturing, finance and international logistics services.

China Shaanxi FTZ was unveiled at the Xi’an High-tech Industries Development Zone.

“As the first FTZ in northwest China, Shaanxi will seek to develop cultural and economic relations with countries along the Silk Road while becoming a model for other inland regions,” said Lu Shanbing, deputy director of the Silk Road Research Institute of Northwest University.

The State Council also approved new zones in Liaoning, Zhejiang, Henan, Hubei and Sichuan provinces.

China established its first FTZ in Shanghai in late 2013, and expanded to three more provincial-level areas — Tianjin, Fujian and Guangdong.

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