Party backs setting up of FTZ in Shanghai
Print Edition
The Political Bureau of the Communist Party of China Central Committee threw its weight behind the planned Shanghai pilot free trade zone yesterday.
Establishing the flagship Shanghai FTZ in response to new circumstances is an important step forward in reform and opening up, said a statement issued after a meeting of the 25-member political bureau in Beijing.
The political bureau members, including General Secretary of the CPC Central Committee Xi Jinping, listened to a report detailing work for setting up the FTZ.
The program will spearhead the CPC Central Committee’s endeavor to explore new ways of improving management, advancing the transformation of government functions, facilitating trade and investment, and deepening reform and opening up the economy, said the statement.
The political bureau urged the State Council, China’s Cabinet, Shanghai municipal government and all related government departments to work together on the program.
The Cabinet has proposed a three-year suspension of laws on foreign-funded enterprises, Chinese-foreign equity joint ventures and Chinese-foreign contractual joint ventures in the pilot Shanghai FTZ, according to a draft proposal that was submitted for discussions in an executive meeting on Monday.
China may also suspend the law on the protection of cultural relics in the zone to allow foreign participation in the antique auction business.
The Standing Committee of the National People’s Congress, China’s top legislature, will vote on the draft proposal on Friday.
“Deregulation on foreign investment is a breakthrough for the zone and signals the central government’s resolution to promote reform and push forward economic restructuring,” said Shao Yu, analyst with Orient Securities.
Shenyin and Wanguo Securities said in a report: “Wider access for investment within the zone will help boost consumption and act as a powerful catalyst for Shanghai’s economy.”
Covering 28.78 square kilometers, the Shanghai FTZ will include existing bonded areas in the city — Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone.
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