China: The State Council Approves Establishment of Shanghai’s Pilot FTA

The State Council has officially approved the establishment of China (Shanghai) Pilot Free Trade Area (FTA), which will consist of four areas under special customs supervision, including Shanghai Waigaoqiao Bonded Zone, Waigaoqiao Bonded Logistics Park, Yangshan Bonded Port and Shanghai Pudong Airport Free Trade Zone, with the total area of 28.78 square kilometers.

Establishing Shanghai’s Pilot FTA is an important measure to follow the new trend of global trade and economic development, and implement a more proactive strategy of opening up. Shanghai’s Pilot FTA will boost imports and exports, stabilize economic growth, and benefit various industries including finance and shipping, expert said.

“The State Council’s latest measures in upgrading the shipbuilding industry between 2013 and 2015 have pointed the right direction for the industry, and it will ultimately lead to a global shipbuilding recovery,” said Zhang Shengkun, president of Shanghai Society of Naval Architects and Marine Engineers. Zhang said that he is cautiously optimistic toward the shipbuilding industry because of the State Council measures as well as the opportunities Shanghai’s Pilot FTA will bring about.

The State Council has submitted plans to the Standing Committee of the National People’s Congress, the country’s top legislature, to revise some administrative approval procedures in the zone.

[mappress]
Press Release, September 9, 2013