- Thu
- Oct 3, 2013
- Updated: 1:19am
Shanghai Free-trade Zone
Shanghai Free-trade Zone is the first Hong Kong-like free trade area in mainland China. The plan was first announced by the government in July and it was personally endorsed by Premier Li Keqiang who said he wanted to make the zone a snapshot of how China can upgrade its economic structure. Other mainland cities and provinces including Tianjin and Guangdong have also lobbied Beijing for such approvals. The Shanghai FTZ will first span 28.78 square kilometres in the city's Pudong New Area, including the Waigaoqiao duty-free zone and Yangshan port and it is believed it may eventually expand to cover the entire Pudong district which covers 1,210.4 sq km of land.
Hong Kong free-trade zone will attract high-end industries, says Guangdong governor
Pact would also bringmore foreign investment to the region, Zhu Xiaodan says
A proposed free-trade zone covering Hong Kong, Macau, and parts of Guangdong may focus on services, finance and commerce, the visiting provincial governor said yesterday.
Zhu Xiaodan also sought to placate locals who blame the individual visitor scheme for mainlanders for pushing up prices and causing disturbances.
Zhu, who led a delegation to Hong Kong, revealed details of the free-trade proposal ahead of the launch of the Shanghai free-trade zone - the first on the mainland - late this month.
"The proposed zone will build on Hong Kong's prominent role and advantages in the global economy … and attract more high-end service industries to the region," he said.
He confirmed that the plan was to bundle Hong Kong and Macau with three special development zones in Guangdong - Qianhai in Shenzhen, Hengqin in Zhuhai and Nansha in Guangzhou - pending approval from Beijing.
That would make it more than 1,000 square kilometres, much bigger than Shanghai's 28.78 square-kilometre development, mainland media have reported.
Zhu suggested making services a priority. "The free-trade zone that we are thinking of would touch on service trade liberalisation, more convenient investment, commodity trade liberalisation, financial innovation and co-operation, as well as managerial and institutional innovations," he said, indicating possible measures to attract Hong Kong and foreign investment.
Unlike the Shanghai zone, which was international in nature, Guangdong's proposal would have a regional setting.
Chief Executive Leung Chun-ying said his government would help in the planning process so the free-trade zone would benefit both sides.
Leung said Hong Kong should expand its tourism capability.
Zhu added: "The development of the individual visit scheme should be healthy and orderly, in that it can truly allow Hong Kong to keep employment, improve on its livelihoods and enhance economic stability."
Both sides signed eight cross-border agreements during Zhu's visit, including pacts on services liberalisation, tourism co-operation and movie-making.
He said the deals would help the two sides implement measures listed in the Closer Economic Partnership Arrangement, tackle red tape in market access and encourage more co-operation in professional and educational services.
Taiwan started its first free-trade zone in 2004. It now has six such zones, including in Taipei and Kaohsiung.
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