China announces plans for three new pilot free trade zones

FILE PHOTO: Containers are seen at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, China, February 13, 2017. REUTERS/Aly Song

BEIJING (Reuters) - China’s cabinet on Monday announced plans for three new pilot free trade zones (FTZs), in the capital of Beijing, the southern province of Hunan and the eastern province of Anhui.

An existing FTZ in the wealthy eastern province of Zhejiang will also be expanded, according to the notice from China’s State Council.

China has set up the zones in many provinces across the country in recent years in efforts to attract foreign investment, stimulate trade, and boost regional development.

Reporting by Gabriel Crossley; Editing by Kim Coghill