03:41 GMT25 February 2020
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    Chinese authorities will establish three new free trade areas soon, bringing the total number of such zones in the country to seven.

    BEIJING (Sputnik) — According to the Shanghai Securities News, the free trade zones will be established in the country’s Hubei, Sichuan and Shaanxi provinces but the exact date has not been set yet.

    The new zones will be subject to the same rules that apply to previously existing four free trade zones in Shanghai, Guangdong, Tianjin and Fujian, the newspaper said citing China’s Commerce Ministry’s representative Bai Ming.

    In July 2016, China’s State Council eased the rules for foreign investors in the four free trade zones. Among other measures taken by the country’s authorities, investors were temporarily allowed to establish wholly-owned subsidiary companies in the free trade areas.

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