Shanghai's pilot free zone was ranked the best performing FTZ in China, according to a survey released by Shanghai University of Finance and Economics yesterday during the 5th China Free Trade Zone Forum.
The China FTZ development index made an assessment of the overall development situations, and evaluated the four forerunners of the country’s pilot program. The general combined index stood at 80.39, with Shanghai scoring the highest level at 81.35, followed by Guangdong (80.58), Fujian (79.90) and Tianjin (79.71) provinces.
The index was based on a comprehensive survey of more than 2,000 enterprises, the general public, industry experts and public data.
The index consists of three components, that is, development confidence index, innovation index and influence index.
The development confidence index calculates both subjective judgment and psychological feelings of the public and the enterprises toward the prospects of the FTZs. The number is 80.96 for this year, indicating great optimism for FTZs' future development.
The innovation index is used to measure the optimization effect of the business environment of the FTZs, mainly for the transformation of government functions, the expansion of investment areas, financial innovation, trade facilitation and management system innovation. The overall innovation index of 81.04 means that the development of the FTZs has won wide recognition among the enterprises, the public and the experts. In terms of areas, Shanghai and Guangdong Province are in leading positions, thanks to their innovations in "licensing separation" and post-event regulation.
The influence index reflects the impact of the pilot program on regional economic development and public life. Shanghai registered the highest level at 81.62, above the general influence index of 80.73, owing to its prominent economic performance.
The China (Shanghai) Pilot Free Trade Zone gained the green light as the first pilot program in September 2013, with Guangdong, Tianjin and Fujian joining the team in April 2015. The third batch of FTZs comprising of seven provinces officially opened this April.