Beijing suspends FTZ applications amid frenzy

The central government has suspended applications for new free-trade zones, South China Morning Post reported, citing a Communist Party magazine. More than 20 local governments listed FTZ proposals in their annual reports this year in a rush to compete for the special status given to Shanghai last year, often viewing it as a preferential policy that promises land and funds without regard to local conditions. The FTZ freeze has called a halt to Guangdong’s plans for an FTZ with Hong Kong and Macau, which already has Beijing’s approval.