[Week 13] Guangdong's FTZ Approved
2015-April-2 Source: Newsgd.com
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Overall plans for three experimental free trade zones (FTZs) in Guangdong, Tianjin and Fujian, and improvements to the Shanghai experimental FTZ were approved on March 24, at a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee.

"Experimental FTZs are important for exploring new paths and acquiring new experiences," said a statement released after the meeting. The statement also said the Shanghai FTZ made "positive progress" generating a model that can be replicated elsewhere.

The Shanghai FTZ, launched in September 2013, was a testing ground for administration, investment, finance and services reform. The new zones, as well as the Shanghai FTZ, will continue striving for institutional innovation, the statement said.

"The FTZs are part of a new, more open economic system, exploring new models for regional economic cooperation and establishing a law-based climate for business and commerce," the statement said. Bai Ming, a trade expert with the Ministry of Commerce (MOC), said that FTZs can boost the exploration of experiences that can be promoted across the country.

While following in the steps of the Shanghai FTZ, the three new FTZs will experiment on their own strengths, said Li Guanghui, a trade expert with the MOC. The Guangdong FTZ will carry out programs on economic integration with Hong Kong and Macao, the Fujian FTZ will stress unified development with Taiwan and the Tianjin FTZ will highlight coordinated growth with Beijing and Hebei, Li said.

Li Wenpu, vice president of the Xiamen University school of economics said that the FTZs will streamline administration, delegate power and improve the efficiency of government departments.

Editor: Chan
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