Approved by the central government of China, the China (Shanghai) pilot free trade zone (CSPFTZ) was launched on September 29th, 2013 and has been running smoothly as the first regional free trade zone on the Chinese mainland ever since. The CSPFTZ is composed of four zones specially supervised by the customs department, the Waigaoqiao free trade zone, Waigaoqiao bonded logistics park, Yangshan free trade port area and Pudong airport free trade zone, covering a planning area of 28.78 square kilometres.
Objectives and meanings
The establishment of the CSPFTZ is a significant measure taken by the Chinese government to build a business environment on par with international standards and to adopt a proactive opening up strategy. It undertakes a major task to explore new modes of opening up, and to accumulate new experiences that can be duplicated and applied nationwide in order to accelerate the transformation of government functions and reform, promote economic growth, optimise the economic structure, whilst promoting the development of all regions in the country. CSPFTZ is not a special zone or a new area. More than scrambling for some preferential policies, it is intended to establish a set of rules and systems that are in line with international standards, making it a vanguard and trial area in trade mode innovation, investment opening-up, offshore services and government management.
The establishment of CSPFTZ is beneficial to fostering China’s global competitive edge, to creating a new platform of cooperation with other countries and to bring China’s economy on track with the rest of the world. It functions as a new engine to drive China’s future economic growth for the new government.
Mission and measures
The CSPFTZ scheme released by the State Council on 27 September 2013 lists ….