Central Government Gives Green Light for Twelve More Free Trade Zones
Twelve new free trade zones were given approvals by the Central Government three months after the special status was awarded to Shanghai. The twelve new free trade zones will include Guangdong Province that has been continuously lobbied by the Central Government by highlighting their economic ties with Tianjin and Hong Kong.
An unidentified source has also said that senior officials of the Central Government has already launched and completed an onsite research center in Tianjin and Guangdong and these two new Free trade zones will be launched after a year of trials. Other candidate for the free trade zone includes Zhoushan in Zhejiang Province that consists of numerous islands that highlights shipping, and Chengdu, Hangzhou, Wuhan and Qingdao. As of the moment China has not set limits on the number of free trade zones and a timetable on building them just as long these free trade zones will meet the requirements.
Financial experts say that the growth challenged Hong Kong must grab the opportunity of the free trade zone in Guangdong by creating integration with nearby economy such as Qianhai in Shenzhen, Nanshan in Guangzhou, Macau and Hengqin in Zhuhai.
Shanghai and Guangdong is fast becoming leaders in the eligibility on creating free trade zones together with developed rail and road infrastructure and availability of talent. Furthermore financial services, information technology and logistical networks are being pushed as new services at these free trade zones.