SHANGHAI, Sept. 24 (Xinhua) -- China will officially launch the pilot free trade zone (FTZ) in Shanghai on Sept. 29, taking a solid step forward to boost reforms in the world's second-largest economy.
Preparation work is going smoothly, sources with the Shanghai municipal government said on Tuesday.
Covering almost 29 square kilometers, the zone will be created modeled on existing free trade businesses in the country's economic hub -- Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone.
Chinese Premier Li Keqiang said earlier this month that for the pilot FTZ, a negative list approach will be explored and priority will be given to easier investment and greater openness.
China's legislature has given the green light to the State Council, or the Cabinet, to modify laws related to foreign enterprises in the zone.
As authorized by the National People's Congress Standing Committee, the State Council will suspend administrative approvals covering foreign-funded enterprises, Chinese-foreign equity joint ventures and contractual joint ventures.
The State Council approved the pilot Shanghai FTZ on July 3. In the pilot zone, goods can be imported, processed and re-exported without the intervention of customs authorities.
Xinhua Insight: Shanghai FTZ tests China's currency liberalization
SHANGHAI, Sept. 12 (Xinhua) -- Among a cluster of warehouses located on the outskirts of Shanghai, China is set to experiment one of its most significant reforms since Shenzhen freed the country's trade 33 years ago -- how China should liberalize its currency.
The world's second largest economy announced it would build a free trade zone (FTZ) on the shore of the East China Sea. The zone will be a test bed for pushing forward full convertibility of the Chinese yuan and the opening of financial services. Full story
Shanghai FTZ to herald major financial reforms
XIAMEN, Sept. 10 (Xinhua) -- Although the government has not yet given out details or set out a timeline for the newly established pilot free trade zone (FTZ) in Shanghai, the move has caused quite a stir in the world's second-largest economy.
There has been discussion and speculation regarding possible policy changes and reform measures in the FTZ. Among a spate of sectors, financial markets are the main focus of attention. Full story