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Chinanews, Beijing, Nov. 11 – Since its entry into the WTO, China has opened more and more free trade zones. These free trade zones have become a new form of China's opening-up. They also serve as a new platform for China to conduct economic activities with other countries based on mutual1 benefit and win-win solution, said Wang Xinpei, spokesperson at the Ministry2 of Commerce, on Thursday.
Currently, China is building another 12 free trade zones with 29 countries and regions in the world, whose trade volume will account for one-fourth of the total foreign trade volume of China in 2006. Free trade zones were the product of globalization and regional integration3 process. China’s decision to set up free trade zones was in conformity4 with this new trend, Wang said. In 2004, China set up its first free trade zone. So far, China has signed five agreements related with free trade zone establishment. The five agreements are Mainland and Hong Kong Closer Economic Partnership5 Arrangement (CEPA) and its supplementary6 agreements, Mainland and Macao Closer Economic Partnership Agreement and it's supplementary agreements, China-ASEAN free trade zone, China-Chile free trade zone, and China-Pakistan free trade zone. Meanwhile, China is holding talks with other parties in setting up seven more free trade zones, of which three will be established at governmental level.
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