Tianjin, Fujian plan pilot free trade zones

Tianjin and Fujian are expected to set up pilot free trade zones following the example of Shanghai, market insiders said.

China will accelerate the establishment of free trade zones and the construction of an open economic system, top leaders said during a group study of the Political Bureau of 18th Communist Party of China Central Committee on Friday.

Market insiders said China will set up free trade zones with countries and regions along the Silk Road Economic Belt and the 21st Century Maritime Silk Road, for which the plan will be introduced soon.

The establishment of these free trade zones will promote the upgrade of China’s processing trade to international trade and technology services. It will also push forward the interest rate liberalization and the development of offshore financial centers, according to the sources.