FTZ initiatives to apply nationwide
Print Edition
SEVERAL initiatives in Shanghai’s pilot free trade zone are to be promoted nationwide in a bid to deepen reform and opening up, the State Council said in a circular published on the central government’s website (www.gov.cn) yesterday.
They include yuan settlements under the current account for individuals and freer foreign exchange polices for foreign-funded companies.
The expansion will also allow foreign-funded enterprises to manufacture and market game consoles across the country after a pilot program in the zone attracted major game console vendors Microsoft, Nintendo and Sony. China had banned gaming consoles in 2000.
The measures are among 22 reforms concerning investment management, trade facilitation, financial liberalization and service sector opening-up that are to be promoted nationwide by June 30, the State Council said.
“Since the zone was established, the Shanghai government in conjunction with related departments has achieved a batch of replicable reform and innovation results,” it said.
“All local authorities and departments should take the expansion of Shanghai’s experience as a significant step to deepen reform in a bid to transform government administration philosophy and allow the market to play a decisive role in resource allocation,” it said.
“The government should refrain from too much intervention and let market forces play a decisive role,” said the circular.
The expanded practices also include allowing financial leasing companies to get involved in the commercial factoring business and allowing the setup of foreign-funded credit investigation firms and foreign-funded joint-stock investment companies.
Initiatives such as a project filing system for foreign-funded advertising companies, online approval and filing for tax-related matters, and a “single window” system for setting up a new business will also be expanded to other parts of the country.
Foreign investors
Another six piloted policies on Customs supervision and quarantine procedures should be expanded to more than 100 “Customs special supervision zones” nationwide by June 30, according to the circular.
However, the negative list method for foreign investment, one of the most publicized reforms which specifies off-limit areas for foreign investors in the zone, is not among measures to be expanded as the adoption of the list requires adjustments in relevant laws.
Launched in September 2013 as a testing ground for China’s new round of reforms, the Shanghai free trade zone was given three years to explore innovative measures that could be applied nationwide to spur economic restructuring.
A number of reforms have been introduced to streamline Customs clearance procedures, lower thresholds for foreign investment, cut red tape in government administration and boost financial liberalization.
Last month, Shanghai gained approval to include the Lujiazui financial zone, Jinqiao development zone and Zhangjiang high-tech zone into the zone, increasing the area it covers from 28.78 square kilometers to 120.27 square kilometers.
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