China to establish 3 more pilot free-trade zones

China has decided to establish 3 more pilot free-trade zones where financial and trade restrictions are substantially eased.

China has liberalized capital transactions with other countries within defined areas to internationalize its currency. It has also lifted the ban on imports and domestic sales of video game consoles.

The country's first pilot free-trade zone was launched in suburban Shanghai in September last year.

On Friday, Chinese government officials said new pilot free-trade zones will be established in Guangdong Province, Tianjin City, and Fujian Province.

China is experiencing a slowdown in investment in real estate. The Chinese Communist Party and government on Thursday came up with economic plans, including a reform of administrative procedures, to increase the amounts of foreign investment.

Observers say China apparently wants to further the country's opening and create new economic development models to attract foreign capital.

Source: NHK