19 September 2019

China may endorse more specialist free trade zones, paper says

China might give the go-ahead for more free trade zones (FTZ) but each would have its own focus, the Hong Kong Economic Times reported Wednesday, citing Zheng Xinli, a former member of the central government’s think tank. Besides the Shanghai FTZ, the government has also given the nod to FTZ applications from Tianjin and Zhoushan in Zhejiang province, Zheng said. The Zhoushan zone is set to be a bulk commodities trading center while the Tianjin one will mainly engage in manufacturing businesses. The free trade zones will improve China’s bargaining power in international trade, Zheng said, adding that Shanghai will not be a threat to Hong Kong as an international financial center, at least for next 20 years.

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