China nods pilot economic zone for overseas Chinese in Shantou

The Chinese government has approved a pilot zone for economic and cultural cooperation with overseas Chinese in Shantou in south China's Guangdong province.

The pilot zone will take advantage of investment from overseas Chinese and explore new reform ideas and ways of opening up.

The pilot zone will innovate cross-border investment and trade mechanisms which conform to international rules, and create a fair, unified and efficient business environment.

The pilot zone will cover about 36 square kilometers, including 20 square kilometers of reclaimed land, according local media reports.

Shantou, one of the country's five special economic zones, is home to more than 15 million people working and living outside the Chinese mainland, including Hong Kong billionaire Li Ka-shing.