A free-trade zone destined for Guangdong will play a major role in deepening cooperation with Hong Kong and Macau, Xinhua news agency reported Monday.
The State Council gave the go-ahead earlier this month for Guangdong, Tianjin and Fujian to set up free-trade zones in their jurisdictions, a little over a year after it gave green light to one in Shanghai.
The Guangdong zone will cover 116 sq km, taking in parts of Guangzhou’s Nansha New Area, Qianhai and Shekou in Shenzhen as well as Hengqin in Zhuhai.
Xinhua said the Guangdong zone would deepen cooperation with Hong Kong and Macau while transforming systems for cross-border cooperation.
Under the umbrella of the Closer Economic Partnership Arrangement, the Guangdong zone would break up obstacles in the way of businesses from Hong Kong and Macau. It would also work with the two regions to align local foreign trade rules with international standards.
Qianhai would work with Hong Kong on financial measures; Hengqin would explore cooperation with Macau; and Nansha would take advantage of its central location in the Pearl River Delta, the report quoted Li Zhijian, a researcher involved in the zone’s planning, as saying.
Fujian’s zone will focus on cooperation with Taiwan to attract more foreign investment and help businesses in the province head offshore. Xinhua said the Fujian zone could strengthen links with Taiwan in aviation logistics, financial services, trade and cultural industries. The Tianjin FTZ is expected to help drive integrated development in Beijing, Tianjin and Hebei.