In the past four years, more than 100 innovative policies adopted in Shanghai Free Trade Zone have been copied nationwide and the zone has been enlarged to over 120 square kilometers, the People’s Daily reported.
Ten more free trade zones have sprung up across the country, inspired by the success of the Shanghai FTZ, the paper said.
The negative list, which was first tested in Shanghai FTZ, has changed the government administration of foreign investment. “The government should make things convenient for enterprises and solve problems for them,” said Lu Fangzhou, vice mayor of Pudong New Area, where the Shanghai FTZ is located.
With the administrative reform to separate business license from official permit, the first wholly foreign-owned vocational training institution in China was set up in the FTZ. Imported non-special-use cosmetics can sell in China at the same time as in overseas markets.
In the first half of 2017, FTZ companies opened 68,000 free trade accounts with a combined balance of 203.6 billion yuan (US$30.5 billion). Eight countries opened pavilions in the zone to display and sell products, totaling 10,000 kinds.
“Shanghai FTZ is aiming for new breakthroughs and the world’s highest standards,” Pudong Party Secretary Weng Zuliang was quoted as saying.