The China (Shanghai) Pilot Free Trade Zone, or Shanghai FTZ, has been at the forefront of China's efforts to align with international high-standard trade rules, marking a significant step in forward for the country's institutional opening-up.

In November 2023, the State Council, China's Cabinet, issued a comprehensive plan, aiming to position Shanghai FTZ as a national demonstration area for institutional opening-up by aligning with international benchmarks.

Over the past year, 80 pilot measures have been largely implemented, yielding pioneering innovations and best practices. Shanghai FTZ has been active in exploring new frontiers, such as facilitating cross-border digital renminbi payments for aviation, trade, and reinsurance, and piloting an integrated cross-border capital pool for multinational corporations. It has also established the Shanghai International Reinsurance Exchange and supported the launch of an international board for data trading on the Shanghai Data Exchange.

Furthermore, Shanghai FTZ has deepened reforms in various sectors, including government procurement, State-owned enterprise restructuring, labor rights protection, green product certification, and foreign enterprise participation in standard-setting. It has also introduced a series of opening-up measures, accelerating the development of an international transshipment and consolidation hub, simplifying customs clearance processes, and expanding electronic bill of lading applications.

Additionally, Shanghai FTZ has implemented business-friendly policies such as supporting fuel oil blending operations and facilitating customs clearance at Shanghai Nangang Port. It has also increased government data openness and advanced the certification system for commercial passwords.

Looking ahead, China plans to further implement and expand these pilot measures, replicating successful practices in other areas and thereby promoting deeper reforms and higher-quality development through high-level opening-up.