October 27, 2017

Shanghai free trade zone to serve as a bridgehead in reform and innovation

General Secretary Xi Jinping proposed in his report delivered at the 19th National Congress of the Communist Party of China on October 18 that free trade zones should be granted more autonomy in reform and in exploring ways to build free trade ports.

Since its establishment four years ago, Shanghai FTZ has attracted 48,000 companies and the monthly number of new registered companies in the zone now is five times that before its founding.

Among the newly registered companies, 8,781 are foreign owned with a total investment of US$16.7 billion, two times more than the amount of the two decades before the zone’s establishment.

The Party Central Committee proposed Shanghai to become a bridgehead in reforms and innovation, said Zhu Min, deputy director of Shanghai Development and Reform Commission. And this goal has already been included in the Shanghai FTZ’s latest reform program.