China details 80 measures to boost growth of Shanghai FTZ

China's commerce ministry said on Friday that the country's plan to boost the Shanghai pilot free trade zone (FTZ) with 80 measures aligns with high standards of international rules and will deepen domestic reforms in related areas.

This year marks the 10th anniversary of the establishment of the Shanghai FTZ. 

Over the past decade, Shanghai has made breakthroughs in four key areas: investment management, trade facilitation, financial innovation and government function transformation, said Hua Yuan, the vice mayor of Shanghai.

For example, in the area of investment management, Shanghai issued the first negative list for foreign investment access in China and pioneered the implementation of the foreign investment registration management system. 

Of the 302 FTZ institutional innovation achievements that have been replicated and promoted at the national level, 145 originated from Shanghai or were piloted simultaneously with Shanghai.

The 80 newly issued measures cover seven areas including initiatives to facilitate trade in goods and services, promote digital trade and enhance intellectual property rights protection.

To accelerate the opening-up of the service trade in the FTZ, the plan called for efforts to further open up key sectors such as finance and telecommunications, make cross-border investment and financing easier, support multinationals in the setting up of capital management centers in China and improve the service quality of the telecommunications sector.

As for trade in goods, the plan called for the improving of import management of special products such as medical devices, and simplifying quarantine procedures on a trial basis within the Shanghai FTZ.

The comprehensive plan also includes measures to strengthen the protection of trademarks and patents, promote reforms in government procurement by aligning it with international rules, support international cooperation in the green sector and improve supervision rules.

(With input from Xinhua)