10th anniversary of the establishment of Shanghai Free Trade Trial Zone – Dainik Savera Times
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The construction of a free trade testing zone is an important strategic step for China to enhance openness in the new era. This year marks the 10th anniversary of the establishment of China’s first free trade test zone, the Shanghai Free Trade Test Zone. Over the past ten years, the Shanghai Free Trade Test Zone has made a series of achievements in investment and trade liberalization, financial openness and innovation, and enhancing government governance capacity.
Shanghai Free Trade Trial Zone was established on September 29, 2013. After its establishment, the most important task was to increase the special management rules (negative list) related to the admission of foreign capital investment. In the last ten years the number of subjects in the negative list reduced from 190 to 27. Several pioneering foreign investment projects were implemented.
The Shanghai Free Trade Trial Zones were expanded over the past ten years. With the expansion of geographical scope, there has been vast improvement in working efficiency. 5G in Shanghai’s Chunqiao 5G Industrial Park Attracted by leading enterprises and important projects across the industry chain.
In 2019, a new system was established in the Shanghai Free Trade Trial Zone. Under this, investment, trade, finance, transportation and exchange of people were facilitated. Cross border data flow facilitated.
According to statistics, by the end of 2022, 84 thousand new enterprises were established in Shanghai Free Trade Test Zones. British economist and Nobel laureate Christopher Pissarides said that the free trade test zone gave China greater opportunities for international cooperation. This has promoted the process of globalization.
(Credits- China Media Group, Beijing)
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