Business / Economy

China to ease investment rules in Free Trade Zones

(Xinhua) Updated: 2014-12-29 09:16

Zhou Hanmin, a senior political adviser to the Shanghai municipal government, said at a recent forum that FTZs in other provinces will have their own particular focuses compared with Shanghai, aimed at pushing forward their own specific economic reforms and policies.

"Guangdong will focus on Hong Kong and Macao, and Fujian will focus on Taiwan, while Tianjin will mainly emphasize the Silk Road Economic Belt," Zhou said.

The Shanghai FTZ has summarized a total of 21 innovative administrative measures that could be duplicated elsewhere in the country: six in investment management, the same number in financial innovation, and nine in trade promotion.

But the measures must still be approved by the central government before they are introduced elsewhere.

Some experts cautioned, however, on the over-development of FTZs.

Chen Bingcai, a researcher at the National School of Administration, said reforms in the Shanghai FTZ, especially those in offshore finance, were in line with the city's position as a financial center. But other cities' attempt to apply for favorable policies might be contrary to the original intention of FTZs.

Others suggested that despite little possibility of success, some local governments are already cutting red tape and pushing forward reforms in preparation for an FTZ application.


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