Shantou plans pilot zone for overseas investment

A plan to build a pilot zone for overseas Chinese economic and cultural cooperation in Shantou, Guangdong province, has been submitted to the central government for approval, a senior government official said.

The planned zone will cover an area of about 20 square kilometers and integrate investment resources from overseas Chinese because Shantou is home to more than 15 million people working and living overseas, according to Zheng Renhao, mayor of Shantou.

"The city will be more open for overseas investment and we will provide more preferential policies for projects, especially from overseas Chinese investors," said Zheng.

The Guangdong provincial government is drafting policies and measures to attract overseas Chinese investment into the pilot zone.

"Like Qianhai in Shenzhen and Hengqin in Zhuhai, the zone will be home to advanced industries such as modern service and finance in eastern Guangdong and help upgrade local manufacturing industries," Zheng said.