Shanghai free trade zones to have extra benefits

Global Business

A detailed plan announcing the formal expansion of the Shanghai Free Trade Zone is expected soon. And anticipation is already building about what kind of new policies and extra benefits will be seen. CCTV’s Shi Wenjing filed this report from Shanghai.

Shanghai free trade zones aim expansion on the cards

Shanghai free trade zones aim expansion on the cards

A detailed plan announcing the formal expansion of the Shanghai Free Trade Zone is expected soon. And anticipation is already building about what kind of new policies and extra benefits will be seen. CCTV’s Shi Wenjing filed this report from Shanghai. Follow us: @cctv_america on Twitter | CCTVAmerica on Facebook

Highlights:

  • Shanghai aims to transform itself into a leading international hub for finance, trade and shipping by 2020.
  • Zhangjiang High-Tech Park, together with Lujiazui Financial District and Jinqiao Development Zone will be added as the FTZ’s new pilot areas.
  • These expansions will more than quadruple the Shanghai free trade zone’s total area to more than 120 square kilometers.
  • Over the past 18 months, China’s first pilot free trade zone has tested a number of bold new initiatives.
  • Shanghai was the first place in the country to introduce a “negative list” for foreign investment, and the free trade account where fund transfers are allowed freely between FTAs, other offshore accounts and onshore non-resident accounts.
  • Importing and exporting also became easier with the FTZ, with a one-stop shop approach covering customs, taxation, foreign exchange and inspection and quarantine.
  • More reforms are on the way.

Perry Wong, managing director of research at the Milken Institute

CCTV America interviewed Perry Wong, managing director of research at the Milken Institute, to discuss more on the Shanghai Free Trade Zone.

Perry Wong, managing director of research at the Milken Institute

Perry Wong, managing director of research at the Milken Institute

CCTV America interviewed Perry Wong, managing director of research at the Milken Institute, to discuss more on the Shanghai Free Trade Zone.