China's cabinet approves setting up seven new free trade zones: commerce ministry

China's cabinet has approved the establishment of seven new free trade zones, China's commerce ministry said on Friday.

 

The new free trade zones will be in Liaoning, Zhejiang, Henan, Hubei, Chongqing, Sichuan and Shaanxi, a document issued ahead of a press conference in Beijing showed.

 

China's seven new free trade zones will ease investment and promote free trade in commodities, especially in oil products, it said.

 

China will also further explore reform of state-owned firms in the new free trade zones, it added.