As the Shanghai Free Trade Zone (Shanghai FTZ) celebrates its 11th anniversary, it stands as a testament to China's commitment to opening up and institutional innovation. Established in 2013, the Shanghai FTZ has been a cornerstone in pioneering reforms that have since spread nationwide.
Driving Institutional Innovation
From the outset, the Shanghai FTZ focused on institutional innovation, introducing key measures such as the negative list for foreign investment, the international trade \"single window\", free trade accounts, the separation of operating permits from business licenses, and the \"one integrated license\" initiative. These groundbreaking policies have not only anchored the Shanghai FTZ but also set benchmarks for other regions across China.
One of the most notable achievements is the negative list for foreign investment. According to the Ministry of Commerce, the negative list for foreign investment in free trade zones has been reduced seven times since 2013, decreasing from 190 items to just 27, with no restrictions in the manufacturing sector. This significant reduction underscores the Shanghai FTZ's role as a vital gateway for foreign investors, making the investment landscape more open and accessible.
Additionally, the Shanghai FTZ has developed a robust investment management system centered around the negative list, an innovative trade supervision system that emphasizes trade liberalization and facilitation, and a financial innovation system aimed at marketization and internationalization. These systems have propelled the Shanghai FTZ into the forefront of China's deeper reforms and opening up efforts.
As we look to the future, the Shanghai FTZ is poised to continue its trajectory of growth and innovation, further enhancing China's role in the global economy and providing more opportunities for international collaboration and investment.
Reference(s):
Shanghai FTZ: Pioneering ground for China's institutional opening up
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