The Guangdong government, in cooperation with China’s commerce ministry, has officially issued a draft plan for establishment of a free trade area in the province, the Shanghai Securities News reported Friday, citing provincial governor Zhu Xiaodan. The plan has been forwarded to 23 ministries for their feedback, the report said. It will be submitted to the State Council later for approval, after revisions based on ministries’ opinions. The proposed FTA will adopt a negative list model on foreign investments, similar to the practice in Shanghai FTZ, it said. Guangdong will pilot on-shore settlement for offshore renminbi business in the FTA, according to the report.
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