Guangdong to set up free trade zone

Authorities in Guangdong province have announced a plan to build a free trade zone to foster economic and trade relations between the province and the neighboring Hong Kong and Macao special administrative regions.

Zhu Xiaodan, governor of the South China province, said that the province has applied to the central government for the free trade zone's approval.

The plan was included in Zhu's government work report, which was delivered to deputies of the annual Guangdong People's Congress.

"Foreign investors will be offered pre-establishment national treatment, and we will introduce a 'negative list' administration mode in the zone," Zhu said.

According to Zhu, a pilot program to conduct offshore business of the renminbi will also be launched in the zone to facilitate liberalization of the service trade.