FTZ han­dles 43% of Shang­hai’s trade in first 10 months, cus­toms says

Global Times US Edition - - BIZOVE -

The Shang­hai Free Trade Zone (FTZ) gen­er­ated 42.9 per­cent of the to­tal trade of the mu­nic­i­pal­ity in the first 10 months of this year, lo­cal au­thor­i­ties said Sun­day.

The an­nounce­ment came days after the State Coun­cil, China’s cab­i­net, re­leased mea­sures sup­port­ing pilot FTZs to deepen re­form and in­no­va­tion.

Ac­cord­ing to Shang­hai Cus­toms, more than 19,000 new en­ter­prises have been reg­is­tered since the FTZ, with an area of 120 square kilo­me­ters, was founded five years ago, bring­ing the to­tal to 28,000.

To­tal trade in the first 10 months pass­ing through the Shang­hai FTZ reached 1.21 tril­lion yuan ($174 bil­lion), up 5.8 per­cent year-on-year.

The Shang­hai FTZ was China’s first pilot FTZ. Since it was set up, China has es­tab­lished a to­tal of 12 FTZs, with the lat­est ad­di­tion be­ing South China’s Hainan Prov­ince, the coun­try’s largest FTZ.

Pilot FTZs have be­come pi­o­neers in pro­mot­ing the coun­try’s re­form and open­ing-up. Up to 153 prac­tices in­tro­duced in the FTZs have been repli­cated in other re­gions or sec­tors.

On Fri­day, China re­leased a doc­u­ment that in­cluded more than 50 mea­sures to cre­ate a more fa­vor­able in­vest­ment en­vi­ron­ment in the FTZs, es­pe­cially on trade fa­cil­i­ta­tion, fi­nan­cial in­no­va­tion and ad­vanc­ing the hu­man re­source sec­tor. Xin­hua

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