China to further develop FTZs

Added On April 24, 2015

China has vowed to further develop free trade zones following a pilot project in Shanghai. 
Delivering a report to top legislators on behalf of the cabinet on Wednesday, Chinese Vice Premier Wang Yang said they'll promote successful experiences gained from the FTZs while preventing risks. 
The Chinese Vice Premier says the Shanghai FTZ has achieved prominent success in building a negative list approach, facilitating trade, financial reform, and building an interim and post supervision system.
As of February, a total of 16,200 new enterprises had been established in the Shanghai FTZ, exceeding the number of new enterprises over the past 20 years.
Vice Premier Wang Yang says the Shanghai FTZ should be built as the leading pilot FTZ in the country in terms of its services and governance. 
Earlier this week, three more FTZs were officially launched. They're in the southern province of Guangdong, the northern city of Tianjin and the southeastern province of Fujian.
The one in Guangdong will focus on integration with Hong Kong and Macao, while that in Tianjin will advance the coordinated development of neighboring Beijing and Hebei Province. The FTZ in Fujian is expected to play a role in deepening economic cooperation across the Taiwan Strait.

The state council has pledged to expand the measures and policy innovations proved successful in the FTZs to other parts of the country.