CHINA yesterday released more details regarding pilot free trade zones (FTZ) in Guangdong, Tianjin and Fujian as well as plans to further reform and open up the Shanghai FTZ.

    The master plan is a crucial step for the country to promote reform and opening up, boost trade and facilitate investment, according to a statement released by the State Council.

    A “negative list” approach, which specifies investment sectors off-limits to foreign investors, will be trialed in the FTZs, it said.

    Under the “negative list,” also released yesterday, FTZ foreign investments will be prohibited in sectors such as certain non-ferrous metal mining, air traffic control systems management, postal enterprises and production of radio and television programs. Foreign investments are restricted to joint ventures with domestic companies in sectors such as oil and natural gas exploration and development, general-purpose airplane design, manufacture and maintenance as well as rare earths smelting.

    China will launch the three new FTZs today, respectively in Guangdong, the northern port of Tianjin and Fujian Province.

    (SD-Agencies)