More free trade zones to start operation on April 1
Cyclists ride next to a sign of the China (Shanghai) Pilot Free Trade Zone in Shanghai. [Photo/Agencies]
BEIJING - Seven new free trade zones will open April 1 in China, bringing the total up to 11 as the country aims to boost trade and cross-border investment.
The State Council, China's cabinet, has approved the establishment of seven new FTZs in the provinces of Liaoning, Zhejiang, Henan, Hubei, Sichuan and Shaanxi as well as Chongqing municipality, according to an official statement released on Friday.
The decision carries strategic importance in terms of opening up and reform, cutting bureaucratic red tape and exploring financial innovation, the statement said.
The expansion came nearly four years after the launch of China's first FTZ in Shanghai to test a broad range of economic reforms, including more openness to foreign investment and fewer restrictions on capital flows.