Three new trading and industry zones will be established in the northern, eastern, and southern parts of China, specifically in the provinces of Tianjin, Fujian, and Guangdong, according to a statement made by China's State Council.

They will take after the free port zone model that was built in Shanghai last year to ascertain the flow of business in the country amidst the slowing economic growth. Although based on the city's representation, however, the 3 zones will still possess their own local characteristics.

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Since its launch in September 2013, the FTZ (Free Trade Zone) in Shanghai has been considered as a successful ambition to regulate free and non-taxable market reorganization that would do away with financial restrictions such as controlled government transactions and overseas investments.

Some investors, though, are apprehensive of the zone's efficiency and progress as it seems not to provide any other major advantage to either domestic or foreign companies running in the vicinity.

Furthermore, the Shanghai FTZ has also faced many local revolts from both civilians and government officials due to corruption scandals that seemed to rock its solid foundation.

The State Council, composed mainly by the country's cabinet members, ascertained that the 3 new free port zones will offer a variety of business experimentation to further promote and encourage the stream of both local and foreign businesses.

The council is also looking towards opening up the country further to accommodate more types of industries like the service and the manufacturing sectors.

"Following the success of the pilot free trade zone in Shanghai, new parks will be opened in Tianjin, Guangdong, and Fujian," the council further stated.

Macau and Hong Kong are expected to join the league of business centers in the Guangdong zone. This is also in accordance with the Chinese government's endeavor to hasten the incorporation of the 2 cities into mainland China.

Tagschina free port, shanghai free port zone, guangdong free port, tianjin free port, fujian free port