A draft plan to develop Hengqin New Area in Zhuhai, South China's Guangdong province, has been submitted to the State Council for approval, China Securities Journal reported.

Analysts said Hengqin will enjoy more privileges in customs clearance, tax rates, industrial parks and other aspects. This is a more detailed policy after the plan to construct and develop Hengqin New Area was approved by the State Council in August 2009.

Hengqin will become the third new area contributing to the regional economy. The other two are Shanghai's Pudong New Area and Tianjin's Binhai New Area.