The State Council, China’s cabinet, has released a detailed plan to advance the institutional opening-up of the China (Shanghai) Pilot Free Trade Zone (FTZ). In a recent press conference, officials elaborated on various aspects of the plan, covering cross-border data transfer, security management, and aligning with high-standard international economic and trade rules. The comprehensive plan, consisting of 80 specific measures across seven key areas, marks the 10th anniversary of the Shanghai FTZ’s establishment.
The plan focuses on accelerating service trade opening-up, liberalizing goods trade, implementing high-standard digital trade rules, enhancing intellectual property protection, advancing government procurement reforms, promoting post-border management reforms, and reinforcing risk prevention and control systems. Experts believe this plan sends a positive signal about the commitment of both central and local governments to expand opening-up, facilitating investment and trade, particularly in Shanghai.
The Shanghai FTZ has made significant progress over the past decade, with notable contributions to the operating income of top companies in the region. The general plan is seen as timely and essential to guide future development, providing direction and momentum for the FTZ. Experts emphasize that the plan demonstrates a higher degree of openness in China, offering institutional guarantees for businesses and encouraging increased participation in the country’s economic development. Notably, reforms in the local government procurement sector are expected to create more opportunities for enterprises, fostering a fair investment environment. Active participants, such as tech start-ups like Fourier Intelligence, express commitment to contributing to the industry ecosystem and promoting innovation and development in their respective fields.