Chinese President Xi Jinping on Monday called for the expansion of the Shanghai Pilot Free Trade Zone (Shanghai FTZ) scheme across the country the soonest possible time.

Xi's call for the establishment of more FTZs comes after the success of the pilot project in Shanghai. The Chinese leader issued the statement during the Leading Group for Overall Reform's sixth meeting, according to China.org.cn.

Like Us on Facebook

"We should plant these seeds in more land so that flowers will blossom and fruits to be harvested as quickly as possible," the news agency quoted Xi as saying.

Based on the reform blueprint China implemented in November, the government will build more FTZs in other places outside of Shanghai. Beijing plans to copy the scheme and apply it to various places nationwide, said Xi.

Xi's statement came after reports last weekend that China is planning to build another FTZ in Tianjin and that the latest project is just waiting for the green light from the State Council. Earlier this year, reports circulated about 12 additional FTZs being planned, with one in Guangdong to link with Hong Kong, South China Morning Post (SCMP) detailed.

The president lauded the achievements in the Shanghai FTZ, saying the project is instrumental in boosting the country's trade and investment.

Since the Shanghai FTZ was launched in September 2013, around 12,000 companies have already been established there. In addition, the trade zone's foreign trade reached CNY747.5 billion (US$121.7 billion) in its first fiscal year alone.

The Shanghai FTZ served as an experimental ground for the implementation of economic reforms and goals to turn the 29-square-kilometer area into a mini-Hong Kong. That time, Beijing vowed to replicate the project if it took off, SCMP said.

However, the first FTZ has lost its momentum because of lack of financial motivation to keep the business rolling took its toll. The government had earlier vowed to make the Chinese currency fully convertible in the Shanghai zone, much like the setting in Hong Kong, but foreign businesses have been hesitant in taking the bait.

So far, the zone's only significant move is luring in foreign investors through a gold trading platform, the report stated.

TagsCrown Prince Party, Business Finance, free trade zone