Chinese Premier Li Keqiang has urged Guangdong Province to deepen its integration with neighbouring Macao and Hong Kong, state-run news agency Xinhua reported.

“Guangdong, the pioneer of China’s reform, should make full use of the advantages of its proximity to Hong Kong and Macao to strengthen integration with the two cities, prioritising the development of high-end services including the industries of finances and research,” Mr Li was quoted as saying during a visit to the southern province on Monday.

The planned free trade zone in the province – part of the closer cooperation policy – should streamline its approval process for businesses, the Premier said. “Guangdong is a province that has always believed ‘time is money’,” Mr Li noted.

China’s State Council approved last month three new free trade zones, including one in Guangdong Province, modelled after the nation’s first free trade zone established in Shanghai in September 2013.

The free trade zone is labelled as a testing ground for economic reform in China to boost foreign investment and the internationalisation of its currency.