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Guangdong hopes to get FTZ approval early 2014

2013-09-10 08:55 Global Times Web Editor: qindexing

Guangdong Province's proposal to establish a free trade zone (FTZ) may get State Council approval early next year, according to local media reports citing the Ministry of Commerce (MOC) Special Commissioner in Shenzhen as source.

According to Sina Finance, Nansha and Baiyun Airport in Guangzhou, Qianhai in Shenzhen and Hengqin in Zhuhai are up for inclusion in the Guangdong FTZ. If they were all included, they would cover an area of around 1,363 square kilometers, more than 47 times bigger than the Shanghai FTZ.

Nansha, Qianhai and Hengqin already have favorable policies in place to stimulate economic growth, as the State Council acknowledges the strategic importance of these areas, according to the Sina report. The Guangdong FTZ is well-positioned to collaborate with Hong Kong and Macao to further develop the region, the report said.

A string of policies supporting the development of the Shanghai FTZ have been announced recently.

The Sina report stated the outline has been laid out, and an MOC research team from Beijing is to assess the feasibility of the plan soon.

The Global Times contacted the MOC Special Commissioner's Office in Shenzhen, but the person who answered the phone declined to comment, despite a small article on its website that appeared to confirm the Sina report.

A mutual fund analyst, Liu Yiqian, at Shanghai Securities Co told the Global Times if the news was true, then it really showed the government's determination to carry out reforms. "This is something investors also want to see," Liu said.

Shanghai FTZ-related stocks have soared over the past few weeks, with capital flowing into companies exposed to the FTZ development in the infrastructure, logistics and banking sectors. Liu added that the same would happen once the Guangdong FTZ plans crystallize.

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