Three more free trade zones open
China opened three new free trade zones (FTZ) 18 months after the first one was unveiled in the financial hub of Shanghai, which was designed to showcase efforts to streamline the overloaded administrative approval system and encourage innovation and internationalization.
Officials expect the three new FTZs — in Tianjin, Guangdong and Fujian — will boost economic reform, promote trade and facilitate investment in new areas, as the country moves away from its unsustainable export-dependent model.
China also cut the number of restrictions on foreign investments for the four zones.
By its first anniversary, the Shanghai zone had atracted 12,000 registered enterprises lured by a better trade and investment environment. (Photo 1)
Pilot Bertrand Piccard