FTZ reforms but still room to improve
Print Edition
SHANGHAI’S pilot free trade zone has made achievements in reform but third-party assessments suggest there’s plenty of room for improvement.
“Assessment reports indicated the zone has made a slew of breakthroughs in investment management, trade facilitation, financial innovation and transformation of the government role,” Gu Honghui, deputy director of the Shanghai Development and Reform Commission, said at a press conference yesterday.
The evaluation results by Shanghai University of Finance and Economics showed that reforms and innovation in the zone have achieved an overall 80 percent satisfaction rate.
However, it recommended the zone’s regulator to further enhance the system for sharing supervisory information and relax curbs on individual outbound investment.
A survey by PricewaterhouseCoopers on 125 zone-based enterprises found financing costs in the zone has been cut by 10 percent to 20 percent.
“The cross-border two-way cash pooling business has boosted the efficiency of multinational companies in allocating regional capital and their link with global funds,” said Huang Jia, a PwC partner.
Enterprises, however, expect the zone regulator to open the service sector wider, specify policy details and integrate government departments to further ease the administrative burden, Huang said.
The Shanghai University of International Business and Economics said about 83.33 percent of service industries have been opened up in the zone.
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