The China (Shanghai) Pilot Free Trade Zone was established on Sept 29, 2013 as China's first FTZ. It originally occupied an area of 28.78 square kilometers and consisted of the Waigaoqiao Bonded Zone, Waigaoqiao Bonded Logistics Park, Yangshan Bonded Port Area and Pudong Airport Bonded Zone.
The Australian National Exhibition and Trading Center, the first of its kind in the Shanghai FTZ, opened to the public on June 7, 2014, with more than 30 companies setting up operations there.
US law firm Baker & McKenzie LLP and Beijing-based FenXun Partners announced on April 15, 2015 that they would set up a joint operation office in the China (Shanghai) Pilot Free Trade Zone, the first of its kind in the country.
In 2016, the Shanghai FTZ was approved by the State Council to be the first pilot area to carry out the reforms concerning separating operating permits from business licenses, as part of efforts to put an end to letting companies in but not letting them do business.
The Shanghai FTZ started allowing foreign professionals working at local science and innovation companies to open individual free trade accounts, as part of its new round of financial reforms in 2017.
At Shanghai FTZ ports, the clearance time of goods for sea shipment was cut to two days, and that for air transport was cut to two hours.
In August 2019, the Chinese government announced the establishment of the Lingang Special Area in the Shanghai FTZ, which was a major strategic move for further opening-up, facilitating overseas investment and capital flow, and realizing the free flow of goods.
The move has greatly reduced the risk of damaging artworks and high-value goods during transportation and delivery, and cuts enterprises' time and costs as well as helps enhance their international competitiveness.
As a supporting event for the fourth CIIE, the fair took advantage of the policy benefits, professional services and facilities for art trading in the Shanghai FTZ, and introduced more overseas galleries and art institutions to the CIIE.
Launched with an initial area of 28.78 square kilometers nine years ago, the Shanghai FTZ has undergone two expansions and now covers 240 sq km.
