Xi says China to found more FTZs following Shanghai's example

The experience gained at China's Shanghai Pilot Free Trade Zone (Shanghai FTZ) can be copied to more places "as soon as possible", President Xi Jinping said on Monday.

The experience gained at Shanghai FTZ can be compared to "seeds cultivated from an experimental plot", said Xi at the sixth meeting of the Leading Group for Overall Reform.

"We should plant these seeds in more land so that flowers will blossom and fruits be harvested as quickly as possible," Xi said.

According to the reform blueprint adopted last November, China plans to build several FTZs in suitable places other than Shanghai.

The country will copy the replicable practice from Shanghai FTZ to other places as soon as possible, and some of them will be promoted nationwide, he said.

Xi acknowledged the progress made in the Shanghai FTZ, praising the efforts in transforming government functions, facilitating investment and trade and improving business environment.

Some 12,000 firms have been established in the Shanghai FTZ since its launch in late September last year.

Foreign trade in Shanghai FTZ reached 747.5 billion yuan (121.7 billion U.S. dollars) in its first year of operation.

The 29-square-km zone in the Chinese financial hub has promised free trade, greater financial opening and fewer government controls in business activities.