Reform & Opening-Up: China to set up 6 new pilot free trade zones

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One of China's newest pilot free trade zones (FTZs) could be coming to your part of the country soon. Each of these six planned FTZs will carry out distinctive reform tasks. Innovation and opening-up were the buzz words at a Monday press conference. CGTN's Sun Tianyuan reports.

China's Ministry of Commerce announces plans for new pilot free trade zones in six regions. They will address issues such as investment, trade and finance. One FTZ is headed to Shandong province, one of the nation's major economic hubs.

REN AIRONG VICE GOVERNOR, SHANDONG PROVINCE "Shandong is looking for new mechanisms, new ways to modernize and innovate its marine economy. The FTZ is also expected to promote regional economic development and interaction with South Korea and Japan."

It is also the first time that China will establish FTZs in border areas. Authorities of these areas expect that the FTZs will deepen trade and economic cooperation with neighboring countries and regions.

YANG JINBO, VICE CHAIRMAN GUANGXI ZHUANG AUTONOMOUS REGION "Guangxi is adjacent to ASEAN countries both by land and sea. We will make full use of our geographic advantages to better connect and cooperate with countries along the Belt and Road."

Last year, the existing 12 free trade zones in China attracted 70 billion yuan worth of foreign investment, that's about 10 billion US dollars. That accounted for 14 percent of the total foreign investment the country attracted during the period. The commerce ministry says the new FTZs will also become foreign investment hotspots.

WANG SHOUWEN, VICE MINISTER CHINESE COMMERCE MINISTRY "The new pilot FTZs are also expected to become popular destinations for foreign investment. Pilot FTZs are areas that allow the most foreign investment. It is also a forefront of reform and trial policies that are favorable for foreign businesses."

SUN TIANYUAN BEIJING "The ministry says it will carry out the tasks and ensure stable and secure development. And it will further demonstrate pilot FTZs' role as testing grounds for China's reform and opening-up policy. STY, CGTN, Beijing."