China launches six new pilot FTZs
On Aug 26, the State Council approved six new pilot free trade zones (FTZs), in Shandong, Jiangsu, Hebei, Yunnan and Heilongjiang provinces, and Guangxi Zhuang autonomous region, bringing the total number of pilot FTZs to 18.
The six new pilot FTZs will be tasked with different reform tests. For example, Guangxi FTZ will become an important gateway for the Belt and Road Initiative through expanding cooperation with ASEAN, building the New International Land-Sea Trade Corridor toward ASEAN, and exploring development and opening-up in border areas.
In the first half of 2019, China's FTZs attracted nearly 70 billion yuan in foreign investment, accounting for 14 percent of the country's total. The six new zones are expected to be hot spots for foreign investment as well.