China News recently reported that the end of the preparation work for the China (Fujian) Pilot Free Trade Zone is approaching. Operations for the new Free Trade Zone will soon start. The Fuzhou Region Administration Committee has also been established. In December 2014, the Chinese State Council decided to establish this new Free Trade Zone. The National People’s Congress Standing Committee approved the plan and the Zone will consist of the Fuzhou Region, the Xiamen Region, and the Pingtan Region. Fuzhou Customs has already deployed its working group in the Zone and started foundational operations. The Fujian Province government preparation group has skipped the Chinese New Year holidays in order to plan the tax rules for the new Zone. Fujian Province is a large trading province in Southern China. Taiwan is across the sea from it. Current Chinese President Xi Jinping used to be the head of Fujian Province. The new trade zone is the second after the China (Shanghai) Free Trade Zone.
Source: China News, February 24, 2015