Fujian will take advantage of the establishment of a free trade zone (FTZ) to push for reform and innovation in various sectors, according to You Quan, Party Secretary of the province.

You noted Fujian will strive to build a favorable business environment and adjust some economic policies.

He made the remark at a working conference on Dec 30, two days after central authorities announced the set up of three new FTZs in Fujian, Guangdong and Tianjin with eased investment rules to speed up reforms amid economic hardship.

The essence of the adjustment, which will take effect in March and will last for three years, is that government approvals will end as a precondition for overseas companies setting up ventures or changing their purpose of business in these zones.

Instead the companies only need to file a report to the authorities. The adjustment will take effect in March and will last for three years,

The FTZ preparation and construction in Fujian has officially started, and authorities should make innovation based on different experimental areas, study and line up specific regulations for new reform programs and outline goals, said You.

The FTZ in Fujian covers 118.04 sq km in all and consists of three regions, including Pingtan (43 sq km), Xiamen (43.78 sq km) and Fuzhou (31.26 sq km). It will highlight full-scale cross-Straits cooperation with Taiwan.