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Local

Shanghai to open up further to world

January 28, 2019


Abstract : Shanghai plans to further expand its free trade zone (FTZ) this year, an effort to deepen reform and opening-up.

SHANGHAI, Jan. 27 (Xinhua) -- Shanghai plans to further expand its free trade zone (FTZ) this year, an effort to deepen reform and opening-up.

In addition to building a new section for the FTZ, authorities will adopt policies and systems in alignment with international norms to upgrade the FTZ, according to the city's government work report delivered at the annual session of the municipal people's congress on Sunday.

A science and technology innovation board will be set up with a pilot registration system for listed companies in the Shanghai Stock Exchange, said the report.

The city will further improve the private investment environment. In an effort to ease enterprises' access to market and financing, the city vows to put into good use the bailout fund worth 10 billion yuan (1.48 billion U.S. dollars) for listed companies.

It will channel 10 billion yuan of credit and secured loans to high-quality small and medium private companies.

It will also gradually increase the size of policy-based financing guarantee funds for medium, small and micro enterprises to 10 billion yuan.

Last year, Shanghai further eased market access restrictions and reduced the number of special administrative measures for admittance of foreign investment to 45. A negative-list-based management model has been piloted for cross-border trade in service.

Companies in the FTZ invested in over 200 projects along the Belt and Road.

The total value of foreign trade in goods grew by 5.5 percent in 2018.

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Keyword: Shanghai-FTZ Free-trade-zone China-opening-up

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