China will establish free trade zones (FTZ) in Tianjin municipality and the provinces of Guangdong and Fujian, according to a statement issued by the State Council, China’s cabinet.
The new parks will follow the successful pilot free trade zone in Shanghai, but the concept will be more localized and diversified.
“The biggest characteristic of the Fujian free trade zone is its trade platform with Taiwan, which is consistent with Fujian’s development concept and advantages,” said Huang Maoxing, vice president of the School of Economics at Fujian Normal University.
With its trade volume reaching $24.29 billion in 2013, Fujian also boasts friendly economic relationships with the Association of Southeast Asian Nations (ASEAN). It has become a key port on the Maritime Silk Route in the 21st Century.
Meanwhile, the Guangdong free trade zone will deepen Guangdong-Hong Kong-Macao cooperation and center on system innovation, according to the Business Office of Guangdong Province.
And with the deepening facilitation of investment and services trade, Tianjin will continue to manifest its unique advantages in high-end manufacturing, financial innovation and port logistics.
China aims to push forward more projects in free trade zones to facilitate foreign investment, services trade and high-end manufacturing.