The Chinese central government has approved the creation of a further 12 free trade areas, after its initial approval of Shanghai, Chinese news agency Xinhua reporter citing a source close to the process.
The agency said that free trade areas had been set up in Tianjin and in Guangdong and added that the source had declined to name the location of the other 10 areas.
The source also said that after the approval an inter-ministerial team would be set up to survey the proposed areas and prepare specific plans. This process is expected to take over a year, the source said.
In September 2013 the Chinese government approved the creation of the Shanghai free trade area, the first of its kind, with a view to introducing further trade and investment reforms. (macauhub)