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Shanghai Free Trade Zone ApprovedIndustries of Harbour, Airport,Warehouse, Real Estate and Financial Services will Benefit
BY | FROM CSFJN | 2013-07-08 09:01
On July 3rd, the executive meeting of the State Council basically approved " The Overall Program of China (Shanghai) Free Trade Test Zone" and established China (Shanghai) free trade test zone in Shanghai Waigaoqiao free trade zone and otherthree areas under special customs supervision.
The executive meeting of the State Council stressed to further deepen the reform, accelerate the transformation of government functions, and adhere to the pilot endeavor. We should not only actively explore the management innovation of government trade and investment, and expand the opening up of service industry, but also guard against all kinds of risks, and promote the building of free trade test zone featured with the internationally recognized investment and trade facilitation, efficient and convenient regulations, and the standard legal environment. Thus, the free trade zone as the "experimental field" could facilitate the reform and upgrade the level of an open economy, form the reproductive and extendable experience, play its active role indemonstration and serving for the whole country, and promote the common development of all regions. It was conducive to nurturing our global competitive advantage, building a new platform for cooperation and development with other countries, expanding the new space for economic growth, and creating the "upgradeversion" of Chinese economy.
According to the previous news, the program included the pilot openness of RMB capital account in Shanghai free trade zone and the gradual realization of RMB free convertibility and other financial innovations; The corporate legal person could conduct the free convertibility of RMB in Shanghai free trade zone and the individual weretemporarily prohibited to do so; Shanghai free trade zone was also likely to promote the free convertibility of RMB step by step, such as first permitting the domestic capital to conduct the overseas investment and overseas financing; Shanghai free trade zone would also play a crucial role in the negotiation of China's accession to the Trans-Pacific Partnership Agreement (TPP) and was expected to become the first zone in China to join TPP.
Market analysts believed that this would benefit ports, logistics, trade, real estate, finance and other industries.
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