Shanghai has won approval from China’s State Council to set up a pilot free trade zone, according to a Ministry of Commerce statement.
A general plan governing the operation of the free trade zone, which spans 28.78 square kilometers in Waigaoqiao Free Trade Zone, Waigaoiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone in Shanghai, has yet to be released.
“When completed, the free zone will provide world-class transport and communications facilities and tax-free environment for domestic and foreign enterprises as a major hub of their supply chains in Asia,” said state-owned China Daily.
The pilot zone is a crucial move in adapting to global economic and trade development, the ministry said, adding that the pilot will help China explore a new path for opening to international trade, speed up transformation of government functions and promote economic restructuring.
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