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China expands Shanghai FTZ, adds three new zones

by ChemOrbis Editorial Team -
  • 29/12/2014 (14:32)
According to media reports, China has approved the expansion of the Shanghai Free Trade Zone (FTZ) such that it will include the Lujiazui financial district as well as Jinqiao and Zhanjiang where several major multinational companies and Chinese banks have their headquarters.

Through the expansion of the Shanghai FTZ which was launched in 2013, companies within the zone will be able to benefit from preferential policies while the Chinese government aims to explore new paths and accumulate experience for the country’s further reform. The new policy will become effective in March and will be valid for three years. Once the validity period is over, the government will decide whether or not to keep the expanded FTZ in place.

In addition, the government also approved the establishment of three new trade zones with eased investment rules in order to accelerate the country’s economic growth. The new free trade zones include the Guangdong FTZ, through which companies will benefit from the upgrading of China-ASEAN trade, the Fujian trade zone which will strengthen ties with Taiwan and the Tianjin FTZ which will serve to coordinate development among Beijing, Tianjin and Hebei Provinces.
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