7 new FTZs to open around China

China will replicate its success in seven new free trade zones (FTZ), which are expected to be opened in January 2017.

"The third batch of FTZs is now waiting for final approval from the government. Though some provinces still need to further develop their plans, some FTZs are expected to be opened as early as January next year," an anonymous insider told Economic Information Daily on Dec 15.

The remark came after Chinese authorities approved the construction of seven new FTZs, in Liaoning, Zhejiang, Henan, Sichuan and Shaanxi provinces, as well as in Chongqing municipality. The approvals came in August, as an effort to boost the development of inland areas.

Unlike the former four FTZs, the third batch are located in inland areas of China, with the primary aim of better implementing national strategies, including the Belt and Road Initiative. The new zones also look to copy China's existing FTZs.

"Once the third batch of FTZs is opened, there will be 11 FTZs across the nation. They will serve as platforms to try out new [economic] plans, and will widen the range of FTZ experiences," Bai Ming, deputy director of the Ministry of Commerce of the International Market Research Institute, told Economic Information Daily.

According to Bai, China will also focus on tasks including innovation in service trade and an integrated clearance system, in an effort to take advantage of the country's open policies.

"It has been 37 years since China launched its reform and opening policy. The benefits created by former policies have already been enjoyed, while new benefits are waiting to be released for China's future economy," Bai said.