Seven more provinces to join China’s free-trade zone club, bringing total to 11
Chongqing and Hubei are among new batch as Beijing gives green light to inland provinces for first time
Beijing is doubling the number of free-trade zones around the country, giving seven more provincial-level areas the green light to set up their own free marketplaces to boost trade and cross-border investment.
Chongqing, Zhejiang, Hubei, Henan, Sichuan, Shaanxi and Liaoning were given approval to develop the zones, taking the national total to 11, Xinhua reported on Wednesday.
The FTZs, covering bigger areas and a wider range of industries, will have their own characteristics and help deepen reforms
The decision, which comes ahead of the Group of 20 summit in Hangzhou this weekend, reflects the leadership’s desire to counter slowing growth as it pushes on with efforts to integrate the country into the global economy.
It is also the first time the zones have been endorsed for inland areas.
Commerce Minister Gao Hucheng said the approvals were a milestone in the country’s development of free-trade zones, Xinhua reported.
The zones aimed to meet “high-standard international trading practices”.