FTZ adopts supervision measures
Print Edition
Shanghai’s pilot free trade zone has adopted five measures to enhance supervision over business operations because the zone has put in place a registration mechanism to replace the previous approval system.
The five oversight measures were adopted to support the registration system, the Information Office of Shanghai Municipality said in a news release yesterday, citing a director of the zone’s management committee.
The measures include disclosure of corporate registration information for public scrutiny, a blacklist system for qualification check, reviewing regularly enterprise commitment and scrutinizing mechanisms on security and monopoly.
Companies operating in the zone will need to submit annual reports to administration departments and release them to the public.
A value-added-tax invoice system has been introduced for enterprises registered in the zone to prevent tax fraud.
Introducing a registration mechanism is seen as one of the priorities among key reforms in the pilot free trade zone.
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