|(Xinhua File Photo)
SHANGHAI, Oct. 9 (Xinhua) -- A total of 577 people applied for enterprise registration at the newly-launched Shanghai pilot free trade zone (FTZ) on Tuesday, the first day for registration, according to an official statement.
Meanwhile, 1,480 people visited the zone's service lobby asking for advice and information on Tuesday, according to the statement.
Sun Baohua, a businessman from Wenzhou City of neighboring Zhejiang Province, was the first person to apply for a registration.
Sun, who owns micro-financing company, has rented a 20-square-meter warehouse in the zone as his office. He is expected to get his business license within four days.
"The financial institutions allowed to run businesses in the zone are all big companies," said Sun. "While my company caters for medium and small-sized enterprises with lower interest rates."
The Chinese government officially inaugurated the 29-square-km Shanghai FTZ on Sept. 29.
Testing of a convertible yuan, wider opening of 18 service sectors, a negative list approach in governing foreign investment, among other initial steps, are expected to unleash economic potential in the zone in the coming two to three years.
FTZ online shop offers discounts
BEIJING, Oct. 11 (Xinhuanet) -- The first cross-border e-commerce platform in the China (Shanghai) Pilot Free Trade Zone is about to go online soon, offering products with prices as much as 30 percent lower than those sold in stores.
Shanghai Buyeasy International Trade Co Ltd, operated by the Shanghai-based third-party payment company Orient Electronic Payment Co Ltd, is one of the first 25 companies to have obtained a business license in the zone. Full story
FTZ a test ground for reform
BEIJING, Oct. 9 (Xinhuanet) -- The free trade zone (FTZ) set up in Shanghai is expected to be a testing ground for new policies, with focus on liberalizing China's service sector, financial services in particular. Successful innovations will ultimately be rolled out nationwide, but probably only after many years. As such, this is an experiment worth watching but probably not the game-changer some believe it to be.
The imminent establishment of FTZ, covering 29 square kilometers in eastern Shanghai, has been welcomed as an important step forward in China's economic liberalization. The details of how the FTZ to operate remain sketchy and many details will probably remain so for some time. But the overall plan and general rules, which have been released, as well as comments in the official media have given a broad outline of what to expect. Full story