Financial reform in the Guangdong Free Trade Zone (FTZ) will continue to deepen during the period of China's 13th Five-Year Plan (2016-2020), according to Zhang Xiaoji, a member of the Chinese People's Political Consultative Conference (CPPCC).

Financial reform in the Guangdong Free Trade Zone (FTZ) will continue to deepen during the period of China's 13th Five-Year Plan (2016-2020), according to Zhang Xiaoji, a CPPCC member.[Photo/China.org.cn]

Zhang, who heads the Research Department of Foreign Economic Relations at the Development Research Center of the State Council (DRC), spoke during a CPPCC panel discussion.

He underscored the importance of logistical efficiency in facilitating trade.

"As for inspection and quarantine, we can design implementing measures that can both control risk and facilitate customs clearance. As for transport and warehousing services, we should work to introduce advanced international practices. In that way, every process will feature higher efficiency to raise overall logistical efficiency," he said.

The Guangdong FTZ was officially launched on April 21 last year. It covers three areas - Nansha of the provincial capital of Guangzhou, Qianhai of the Shenzhen special economic zone and Hengqin of Zhuhai. The three areas each has their own priorities.

Taking Hengqin for example. It is located at the mouth of the Pearl River, at its closest point only 187 meters from Macao. Partly due to this proximity, Hengqin gives priority to development of tourism, recreation, business and financial services, and high-tech services.

Zhang showed his optimism for the financial reform being undertaken in the Guangdong FTZ by saying, "the move towards currency liberalization is poised to continue."

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