December 12, 2014 / 11:57 AM / 4 years ago

UPDATE 1-China to set up three new free trade zones

(Adds details)

BEIJING, Dec 12 (Reuters) - China will set up three new free-trade zones in Guangdong, Fujian and Tianjin, based on experience drawn from experiments in Shanghai’s free trade zone, the cabinet said on Friday.

The new zones would be modelled on Shanghai, whose free trade zone was launched last year, but could see new experiments, the cabinet said.

The pilot scheme, part of wider financial reforms such as transitioning to a fully convertible yuan currency, is seen as an important step towards developing a more open economy regulated by policies similar to those in developed markets.

China would apply “replicable” practice from Shanghai in investment, trade and financial services to the rest of the country, the cabinet said after a regular meeting.

China would pursue a “new round of high-level opening”, it said without elaborating.

The Shanghai zone would continue to shorten the “negative list”, or the list of sectors where foreign investment is banned or restricted, the cabinet said. (Reporting by Kevin Yao; Editing by Nick Macfie)

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