New free trade zones to speed up pace of growth

China's new free trade zones are expected to create new growth momentum to develop the service, logistics and high-end manufacturing sectors via foreign investment and domestic support in both inland and costal provinces, business experts and officials said on Thursday.

Their comments came after the central government decided to set up seven new FTZs in the provinces of Liaoning, Zhejiang, Henan, Hubei, Sichuan and Shaanxi, and in Chongqing municipality, taking the total number of such zones to 11 as it looks to replicate the success of previous trials, the Ministry of Commerce announced on Wednesday.

FTZs are designed to provide greater access and convenience for foreign companies to expand in China and for Chinese companies to move money abroad - in diverse services and financial operations, as well as in manufacturing.