China will create three new free trade zones modelled on one established a year ago in Shanghai as the government tries to support lacklustre trade and boost slowing growth in the world’s second-largest economy.
The three new zones will be established in the southern and eastern provinces of Guangdong and Fujian and in the northern port city of Tianjin, China’s state council said.
Shanghai’s free trade zone, or FTZ, which opened in September 2013, was heralded as a laboratory for ambitious free market reforms that would lift everything from financial and currency restrictions to administrative controls on foreign investment.
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