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