Fujian province has named three free trade zone (FTZ) leaders, Fuzhou Daily reported on Monday.

Huang Zhongyong is now the director of the Fuzhou FTZ. He worked as director of the administration of the Fuzhou Bonded Port Zone.

Ni Chao will head the Xiamen FTZ, with Xiong Yanliang, Zhao Xiaobo and Chen Min as deputy directors.

Xu Weize has taken over as director of the Pingtan FTZ from his predecessor Li Dejin.

Background:

China announced at its NPC meeting, on Dec 28, 2014 that it will set up three new FTZs in Fujian and Guangdong provinces and the city of Tianjin with relaxed investment rules to speed up reforms.

The Fujian FTZ covers 118 sq km in Pingtan (43 sq km), Xiamen (43.78 sq km), and Fuzhou (31.26 sq km), concentrating on greater cross-Straits cooperation with Taiwan.

The Pingtan section focuses on three sectors – technology, shipping and leisure tourism.

The government procedures for overseas companies in these zones haVE been changed so that companies only need to file a report to the authorities. This adjustment will last for three years, after which officials will decide on whether the policy should continue.

This move has met market expectations that restrictions on foreign capital will be gradually scrapped and marks the latest effort by the central government to push its reform drive and stimulate the economy.