China launches 3 more free trade zones

Operations formally kicked off Tuesday at three new free trade zones (FTZ), as China opens itself wider to the outside world.

The three new zones come 18 months after the first FTZ was unveiled in the financial hub of Shanghai, which was designed to showcase efforts to streamline the overloaded administrative approval system and encourage innovation and internationalization, according to China's (Xinhua) News Agency.

Officials expect the three new FTZs -- in Tianjin, Guangdong and Fujian -- will boost economic reform, promote trade and facilitate investment in new areas, as the world's second largest economy moves away from its unsustainable export-dependent model.

Some businesses have already felt the efficiency of the new zones.

Experts believe that these fresh zones are strategically important for the "belt and road" initiative, which aims to better connect Asia, Europe and Africa, as a way to boost investment and consumption.