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China to set up three more free trade zones

China has approved the establishment of three more free trade zones (FTZ), including one in Guangdong Province, following the lead of Shanghai.

In an executive meeting chaired by Chinese Premier Li Keqiang on Friday, the State Council approved plans to set up free trade zones in Guangdong, Fujian and Tianjin.

China saw the launch of its first free trade zone in Shanghai in September 2013, which was labelled as a testing ground for economy reforms to boost foreign investment and the yuan’s role in global transactions.

The statement released by the council after Friday’s meeting did not provide details on the three new zones, only urging local governments to “seize the chance when compiling a detailed proposal for the new free trade zone”.

Officials in Guangdong Province had previously said that the free trade zone in the southern China region would include Macao and Hong Kong. Macao officials have said the territory would support the initiative.