China to launch three new free-trade zones
China will launch three new free-trade zones on Tuesday, official media said Monday, building on a project that began in Shanghai to much fanfare but has so far undershot expectations.
The free-trade zones (FTZs) will be opened in the southern province of Guangdong, the northern port of Tianjin and the eastern province of Fujian, reported the website of the People's Daily, the ruling Communist Party's mouthpiece.
Each will cover around 120 square kilometres (46 square miles), the State Council, China's cabinet, said.
China's first FTZ, set up in the commercial hub Shanghai in September 2013, will also be quadrupled in size, it said, bringing it up to a similar scale and likely to take in the financial centre of Lujiazui, along with a manufacturing area and a high-tech base.
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