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Complete legal system will benefit FTZ
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A COMPLETE legal system and innovative tax and customs regimes are among key factors for a successful free trade zone, experts and officials told a forum today.
“I see Shanghai has sent a signal to the world that the city can have a fast-track and understandable legal regime,” Graham Mather, chairman of the World Free Zone Convention, told the Shanghai Forum at Fudan University.
Mather suggested the pilot free trade zone in Shanghai adopt a competitive arbitration rule that can be applied to all companies.
Pauline van der Meer Mohr, president of Erasmus University Rotterdam, recommended Shanghai improve links between the zone and other ports in China, as well as international zones outside China.
“Developing innovative tax and customs compliance regimes will increase the strategic value of Shanghai's zone for China,” she said.
Pansy Yau, deputy director of research at the Hong Kong Trade Development Council, said a successful free trade zone should cater to effective supply chain management as international production, trade and investment are increasingly organized in widely separated locations globally.
Jian Danian, deputy director of the Shanghai free trade zone’s administration, said the success of the zone will lie in institutional innovation, which includes the adoption of a more open investment system and government reform.
More than 9,000 enterprises have registered in the zone since it opened last September, bringing the total number of zone-based companies to around 15,000.
About 65 percent of the companies engage in trade and 30 percent in services, according to Jian. The proportion of foreign firms has increased from 4 percent to 10 percent, Jian said.
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