New rules for Shanghai FTZ on anvil
Print Edition
China will soon unveil new rules for its planned free trade zone in Shanghai, the Ministry of Commerce said yesterday, following reports that the central government has delayed the announcement to close potential legal loopholes.
The State Council, which approved a plan in early July to set up a pilot FTZ in the city, has asked relevant departments to amend some rules to improve them further, said Shen Danyang, a ministry spokesman.
“It won’t be very long before they are officially announced,” he said, without elaborating.
Earlier, the South China Morning Post reported that China had planned to unveil the rules in late July, but policymakers put government lawyers back to work out of concern the legal framework needed tightening, to reduce the risk of legal disputes involving foreign investors.
The proposed set of rules could contain initiatives to attract foreign investment, covering sectors from financial services to commodities trading. But some of the rules already drafted for the FTZ were not in line with current Chinese mainland financial regulations and relevant laws, the newspaper said.
The proposed Shanghai FTZ is expected to be a testing ground for major policy reforms by the Chinese government.
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