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China expands Shanghai FTZ for further opening-up, globalization

2019-08-09 13:44:33 Xinhua News Agency

China on Tuesday announced the expanding of its Shanghai free trade zone (FTZ) in its latest major strategic move for further opening-up.

China on Tuesday announced the expanding of its Shanghai free trade zone (FTZ) in its latest major strategic move for further opening-up.

The addition of the Lingang area is a major strategic decision made by the Communist Party of China Central Committee to further opening up, Vice Commerce Minister Wang Shouwen told a press conference Tuesday.

It also demonstrates China's clear stand to adhere to all-round opening up in the new era and an important measure taken to actively lead the healthy development of economic globalization, Wang said.

The new Lingang section will match the standard of the most competitive free trade zones worldwide and implement opening-up policies and systems with strong global market competitiveness, according to an overall plan for the new Lingang area of the China (Shanghai) Pilot Free Trade Zone issued by the State Council, or the cabinet.

Lingang, with a start-up area of 119.5 square kilometers, will facilitate overseas investment and capital flows and realize the free flow of goods, according to the plan.

"The new area is not just a simple expansion of the existing free trade zone and a copy of existing policies. It is comprehensive, profound and fundamental institutional innovation and reform," Chen Yin, executive vice mayor of Shanghai, told the press briefing.

The Shanghai FTZ had an area of 28.78 square kilometers when it was established in September 2013 and expanded to 120.72 square kilometers in December 2014.

Over the past years, the Shanghai FTZ has made remarkable progress in its bold exploration in sectors like investment, trade and finance and contributed precious experience to the all-around deepening of reforms and high-level opening-up, said Wang.

SPECIAL ZONE

The area will be built into a special economic function zone with global influence and competitiveness, to better serve the country's overall opening-up strategy, the plan says.

"The status as a special economic function zone means that it is not adding more facilitation but moving toward real investment and trade liberalization," said Shen Yuliang, a researcher with the Institute of World Economics under the Shanghai Academy of Social Sciences.

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