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Shanghai Free Trade Zone Formally Approved
The establishment of a pilot free trade zone in Shanghai, the first of its kind on the Chinese mainland, has been formally approved by the State Council, the Ministry of Commerce said in a statement posted on its website on 22nd Aug.
The establishment of a pilot free trade zone in Shanghai, the first of its kind on the Chinese mainland, has been formally approved by the State Council, the Ministry of Commerce said in a statement posted on its website on 22nd Aug.
The establishment of the
28.78-square-kilometer zone which is centered on the Yangshan Deep Water Port, will
consist of four separate zones under the special administration of Chinese customs
agency, paves the way for China's future economic development and will boost
the country's global competitiveness. It is estimated that it will take up to
10 years to complete the zone.
The Chinese State Government
stated that they would suspend some laws on foreign investment in the proposed
new free trade zone, as part of the government's drive to open up the economy
to help sustain national growth. . Foreign direct investment (FDI) in China
fell 3.7% last year to US$ 111.7 billion from a record high of US$116 billion
in 2011, according to government data.
When completed, the free trade zone will
provide world-class transport and communications facilities and a tax-free
environment for domestic and foreign enterprises, according to Chinese state
run media.
I believe this is going to change
the dynamics of Shanghai and make it much more competitive with Hong Kong and
other International Financial Centers
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