China to launch three more free-trade zones

China is expected to launch three more free-trade zones (FTZ) on Tuesday to open itself wider to the outside world.

The move came one and half years after China's first FTZ was launched in the financial hub of Shanghai. It was designed to spearhead the country's ongoing reform and opening-up drive by freeing up the overloaded administrative approval system and encouraging innovation and internationalization.

Officials expect the new pilot FTZs of Tianjin, Guangdong and Fujian to boost China's economic reform through further opening-up and to promote trade and facilitate investment for the world's second largest economy.

The Political Bureau of the Communist Party of China Central Committee gave the green light to the new FTZs last month. Endi