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New rules lure foreign firms to FTZ
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More than 400 foreign enterprises have been lured to the Shanghai pilot free trade zone by soon-to-be-released financial rules and an updated negative list, a senior zone official said yesterday.
Overseas investors are accelerating their investments in the zone as the rules and the updated negative list will provide more transparency and wider opening for the foreign companies, Jian Danian, deputy director of the China (Shanghai) Pilot Free Trade Zone Administration, said in a speech to AmCham Shanghai members yesterday.
The financial details covering cross-border and third-party payment services, management of foreign exchange as well as interest rate liberalization will be released “very soon,” Jian added but gave no timetable.
He noted regulators are working on a 2014 version of the negative list for foreign investment in the zone, which may be unveiled in the first half of this year.
A negative list stipulating 190 restrictions on foreign investment in 18 sectors ranging from agriculture and manufacturing to finance and public services applies to the FTZ. Currently 90 percent of newly established firms in the zone are operating in areas not covered by the negative list.
Jian also pointed out that over 6,000 firms have registered in the zone since it was opened on September 29.
Shen Danyang, a spokesman for the Ministry of Commerce, said yesterday that the ministry will promote the setting-up of more FTZs in qualified areas based on experiences of the Shanghai zone.
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