"We will integrate resources for international trade, finance and shipping services from Hong Kong and Macao, further open up the financial market and promote cross-border yuan settlement services," Zhu said at a panel discussion at the annual session of the National People's Congress in Beijing, without elaborating on specific measures for investment from Hong Kong and Macao.

"We have worked closely with relevant authorities, including the customs, banks and the inspection and quarantine departments to formulate support measures related to foreign investment and trade," he said.

Chen Jianhua, mayor of Guangzhou, said the Nansha area will adopt the business model used in the China (Shanghai) Pilot Free Trade Zone, including a negative list policy, under which foreign investment will be allowed in all sectors except those that are specifically prohibited, and introduce a series of pilot programs, including tax rebates based on port departures, cross-border renminbi loans and offshore data services.

"We will build a business framework in line with international trade and investment practices," Chen said, adding that Nansha will become an international shipping and logistics center to facilitate development of the FTZ.

In addition to the negative list, the FTZ will also introduce restrictions on domestic investment, according to Li Chunhong, a deputy to the National People's Congress and director of the Guangdong Development and Reform Commission.

Guandong will become the first FTZ in China to operate a negative list for domestic investment, and will compile a directory of items where government approval and supervision are mandatory, according to Li.