Guangdong Province Proposes to Build an Integrated Free Trade Zone
Guangdong province submitted a proposal that suggested building an integrated free trade zone with Hong Kong and Macao to the State Council and is set to get approval soon. The planned Guangdong Hong Kong Free Trade Zone will be bundle Hong Kong and Macao with the three special development zones in Guangdong namely the Qianhai Area in Shenzhen, the Guangzhou Baiyun International Airport bonded area and Hengqin Island in Nansha and Zhuhai district.
These will bring the new free trade zone area to more than 931 square meters and will expand by 295 square kilometers by the year 2020. The whole area will be larger than the 28 square kilometer Shanghai Free Trade Zone that opened in September. Officials are in discussions with the Central Government on the plans that is highly possible to get a green light.
The proposed Free Trade Zone will granted a provincial level authority in becoming more open that the Shanghai Free Trade Zone and is focused to become and international hub for logistics, manufacturing, trade and maintenance, research and development and more. Furthermore several innovative financial policies will be expected to be adopted in the free trade zone in hopes to attract international financial institutions which will include qualified individuals investors to invest overseas.