China launches new FTZs for greater opening-up, high-quality development

China on Sept 24 officially opened three new pilot free trade zones (FTZs) and expanded one as it seeks greater opening-up and high-quality development.

The three new FTZs are in Beijing and the provinces of Anhui and Hunan, increasing the total number of the country's FTZs to 21, while the expanded one is in the coastal province of Zhejiang.

The launch came after the State Council on Sept 21 issued a master plan to outline the priorities for the three new pilot FTZs, and adopted a plan to double the area of the pilot FTZ in Zhejiang.

Experts believe that the new FTZs will further improve trade and investment liberalization and facilitation in China through a new round of system and mechanism reform and innovation. It will also grasp the strategic opportunities brought about by the scientific and technological revolution, and promote the transformation and upgrading of China's foreign trade and the development of strategic emerging industries.