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.
Source: Xinhua
