News
China's Ministry of Commerce has announced China's State Council officially approved the establishment of China (Shanghai) Free Trade Test Area covering a total area of 28.78 square kilometers, including the existing bonded zones of the Shanghai Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Shanghai Pudong Airport Comprehensive Free Trade Zone.
The move aims to explore China's new paths and new models to speed up the transformation of government functions and administrative reform, and promote the transformation of economic growth mode and optimize the economic structure.
In the first half of the year, the Ministry of Commerce, Shanghai Municipal People's Government in conjunction with relevant departments of the State Council drafted the ''China (Shanghai) Free Trade Test Area Comprehensive Program'' and reported to the State Council for approval.
The main contents of the draft include:
- to further deepen reform;
- accelerate the transformation of government functions and actively;
- explore investment management model innovation;
- expand services liberalization;
- accelerate the transformation of trade development model;
- deepen the financial sector innovation; and
- adapt regulatory and other systems to the pilot free trade zone.
The State Council executive meeting discussed and approved in principle the draft program on July 3, 2013.
Experiences gained from the pilot zone may be copied in other parts of the country including Tianjin, Guangzhou, Shenzhen and Zhuhai.
