Shanghai's Mayor, Ying Yong, set out plans to further the development of the China (Shanghai) Pilot Free Trade Zone at a recent press conference in Beijing.
He said the Zone had attained its initial goals and would now be developed into a "high-standard free trade zone with open rules, transparent procedures, effective supervision, and [a] good business environment."
To this end, Ying said Shanghai would cooperate with central government departments, particularly the Ministry of Commerce, to formulate new reform plans for the Zone.
He also said the Shanghai Government will conduct stress tests for new opening policies in the Zone, and turn the Zone into a platform for Chinese enterprises to launch businesses abroad. Successful policies and reform experiences in the Zone will be replicated nationwide, Ying said.
The Shanghai Pilot Free Trade Zone was created in 2013 and offers companies a number of tax preferences. It comprises a bonded area, high-tech park, financial area, and an export processing zone.
By Courtesy of Lowtax.net