The China (Shanghai) Pilot Free Trade Zone. [Photo/IC]

The Ministry of Commerce (MOC) is working with the Shanghai government on the expansion plan of the China (Shanghai) Pilot Free Trade Zone (FTZ) to boost the quality construction of the FTZ, Gao Feng, spokesperson for the MOC, said at a news conference on April 11, 2019.

Gao noted that the FTZ, with its focus on policy innovation and replicable policies, has piloted and pioneered multiple policies regarding investment, trade, finance, and supervision. The FTZ has been serving as a test bed for deepening opening-up, with its 153 successful practices promoted around the rest of the country. Promoting the FTZ’s experiences has helped advance reform to delegate power, streamline administration and optimize government services, remove burdens for companies, stimulate the market's vitality, and optimize China’s business environment.

Based on the central government and State Council’s requirements, the FTZ will continue efforts on more replicable experiences of opening-up, as well as boost the implementation of successful practices by strengthening training, communication, and supervision. It will also enhance the zone’s leading role by supporting the reform trials of national economic development zones, high-tech zones, and new districts, as well as by building FTZ’s platforms into models for promotion of replicable reform experiences.

According to Hang Yingwei, head of Shanghai's Pudong New Area, the FTZ will speed up the construction of the platform for Yangtze River Delta’s integration development, offer Yangtze River Delta companies one-stop service to provide easier access to the capital market, and propel the construction of Yangtze River Delta sci-tech monitoring institution to gather more financial sci-tech institutes.