Creating China's first free trade zone in Pudong New Area will top the city government's work agenda for the rest of the year, Shanghai Party Secretary Han Zheng said yesterday.
The central government has allowed Shanghai to run this pilot program, making the city a pioneer in expanding the country's efforts on reform," Han said.
"Shanghai should continue to be a role model in accelerating reforms, and this program will be among the most important missions for the city in the second half of this year."
Green light
The State Council, China's cabinet, gave the green light on Shanghai's application to run a trial of China's first international free trade zone last month.
This is the latest step in a national strategy to open markets wider and build Shanghai into an international trade and finance hub.
In a free trade zone, goods can be imported, manufactured and re-exported without the intervention of customs.
Mayor Yang Xiong said at the meeting that the free trade zone should be built on intentional standards and become a testing ground for China's reform and opening-up efforts.
"We will focus on exploring mechanism innovations, not on giving preferential policies," said Yang.
"The top priority right now is to design a set of laws and rules to regulate the zone when it starts to operate."
Shanghai already has three areas designated as bonded trade or port zones. But the new area - formed from the existing three zones - is expected to be more far-reaching, with trials on free currency exchange, management innovation, trade-related financial services and other measures
Source: Xinhua
