Guangzhou to establish free trade port in Nansha district

Investors were snapping up shares in Guangdong port operators and developers on Friday after the provincial capital's Party chief announced plans for a free trade port. Four of the top 10 gainers were port and shipping firms based in the South China province on an index that tracks shipping stocks on the Shanghai and Shenzhen stock exchanges. The index closed up 4.84 percent, led by shares of the Guangzhou Port Company that surged to its daily maximum limit of 10 percent on the Shanghai A-share market. Guangzhou is mulling construction of a free trade port in Nansha district with a "spirit of reform and innovation," the city's Party chief Ren Xuefeng told a press conference on the sidelines of the ongoing 19th National Congress of the Communist Party of China on Thursday.The port will most likely be built into an in-depth cooperation demonstration zone for the Guangdong-Hong Kong-Macao Greater Bay Area initiative, Ren noted. Operation of a high-speed rail service connecting Guangzhou, Shenzhen and Hong Kong is expected to begin in the third quarter of 2018, the Shenzhen Economic Daily reported Thursday.The plan for the development of a city cluster in the greater bay area, covering the majority of China's Cantonese-speaking regions, was forwarded to the National Development and Reform Commission, the country's top economic planner, at the end of June.Nansha already has a free trade zone and the port is Guangzhou's only gateway to the sea, a regional economy expert told the Gl....

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