The China (Shanghai) Pilot Free Trade Zone (SHFTZ), located in Pudong New Area, is a regional free trade zone founded on Sept 29, 2013 and originally consisted of Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Free Trade Zone. The State Council decided on December 28, 2014 to expand SHFTZ by incorporating Lujiazui Financial Area, Jinqiao Development Subzone, and Zhangjiang High Tech Subzone, enlarging the SHFTZ from 28.78 square kilometers to 120.72 square kilometers.
China’s FTZs have a proven track record in attracting foreign investment. In the first half of this year, the country’s initial 12 FTZs attracted foreign investment of nearly 70 billion yuan (about $10 billion), accounting for 14 percent of the country’s total, said Wang Shouwen, vice-minister of commerce. Starting on Dec 1, 2019 China will carry out trial programs separating operation permits from business licenses in all pilot FTZs in a move to further expand market access. The procedures for approval of 442 items are expected to be streamlined. China is accelerating its opening up, which is a big cake that has great appeal for foreign firms.
* For more information, please refer to http://en.china-shftz.gov.cn/