China approves three new free trade zones

Tianjin (Airport) Europe Trade Center, a shopping mall in the Tianjin Free Trade Zone, opened last month. [Photo/IC]

BEIJING -- Three more free trade zones (FTZs) in Guangdong, Tianjin and Fujian, and improvements to the Shanghai FTZ were approved at a Tuesday meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee.

FTZs are important for exploring new paths and acquiring new experiences, said a statement released after the meeting.

The statement said the Shanghai FTZ has made "positive progress" over more than a year, generating a model that can be replicated elsewhere.

The Shanghai FTZ, launched in September 2013, is a testing bed for reforms that range from administration, investment, finance through services.

The new zones, as well as the Shanghai FTZ, will continue working for institutional innovation, according to the statement.

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.

Related:

Success of Shanghai FTZ to be promoted across China, by Shi Jing, China Daily 

The successful experiences and milestones achieved by the China (Shanghai) Pilot Free Trade Zone will be duplicated and promoted across the country and will be the focus of the free trade zones in the new year.

According to Chen Yin, deputy director of the administrative committee of the FTZ, 27 results concerning systematic innovation, have been promoted all over China or in some specific areas of the country so far.