New Guangdong FTZ set to boost investment

The newly approved Guangdong Pilot Free Trade Zone will offer preferential policies for investment from the special administrative regions of Hong Kong and Macao, according to a top provincial official.

Zhu Xiaodan, governor of Guangdong province, said the FTZ will play a central role in facilitating economic and trade cooperation between the province and the neighboring special administrative regions.

"The FTZ will further open up to Hong Kong and Macao investors under the CEPA (Closer Economic Partnership Arrangement) framework," Zhu said, adding that a draft development plan for the zone has been submitted to the State Council for approval.

Zhu said the zone will be launched officially once the draft plans are approved, but no timetable has yet been decided.

The zone, covering an area of more than 116.2 square kilometers, will include the district of Nansha in Guangzhou, Hengqin New Area in Zhuhai, and Qianhai and Shekou areas in Shenzhen.

Administrative committees have been established to oversee operations in the three areas.

According to Zhu, the Nansha area will focus on the development of manufacturing-related services, shipping and logistics, and advanced manufacturing.

Qianhai and Shekou will be developed into pilot areas for opening up the financial sector, and will also focus on technology and information services and modern financial services.

Hengqin will focus on sectors such as tourism, culture, science and education.

Although general policies will be put in place to govern foreign investment, the zone's management will also issue specific measures to cover investment from Hong Kong and Macao in sectors such as finance, transport, trade services, culture and service sectors, according to the draft plan.