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China to expand Services Free Trade Zone programITC newsletter

The State Council of China announced plans on 12 December 2014 for 3 new pilot Free Trade Zones- in Guangdong and Fujian provinces and in Tianjin. The proposed new zones, which still require approval from the People’s Congress Standing Committee, will build on the pilot Shanghai Free Trade Zone (SFTZ), launched in September 2013, as attempts to pursue further services opening-up and reform. It is anticipated that most of the same reform initiatives as the SFTZ will be repeated, including easing of regulations with respect to corporate establishment, foreign exchange, foreign investment, e-commerce, especially in legal services, logistics, warehousing, transportation, insurance, medical services, and telecommunications. The State Council has also proposed to extend the SFTZ to the entire Pudong area, and to promote 28 of the reform initiatives trialled in the SFTZ on a national basis.

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