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City passes law to bolster FTZ
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THE Shanghai People’s Congress unanimously passed a new law today that covers regulations on supervision, investment, trade, financial services and taxation in the China (Shanghai) Pilot Free Trade Zone.
The law, which includes nine chapters and 57 articles, takes effect on August 1.
“The enactment of the law ensures that reforms and innovation in the zone can be carried out under a legal framework. It’s a significant step toward building a law-oriented market environment in the zone,” said Dai Haibo, executive vice-director of the zone’s management committee.
It includes items on registering a business in the zone, the so-called negative list for foreign investment, measures to facilitate customs clearance procedures and rules to boost financial liberalization.
“The law legalizes reforms that can be copied and expanded to other areas and also leaves leeway for future reforms,” said Ding Wei, director of the city’s legislative affairs commission.
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