Shanghai FTA developing itself into world's best investment destination

Shanghai will try its best to build the China (Shanghai) Pilot Free Trade Zone (FTZ) into the world's best investment destination, Hang Yingwei, deputy mayor of Shanghai's Pudong New Area, said during the First Session of the Sixth Pudong New Area People's Congress, Chinanews.com reported.

The Shanghai FTZ will take advantages of each area to expand the scale of vocational training, tourism, value-added telecommunications and other fields to unfold a new round of opening up in finance, education, culture and other services, according to Hang.

Hang noted that the FTZ will continue to optimize the overseas investment service system and build platforms for information sharing, consulting services and investment to facilitate cross-border capital flow. In April 2015, based on the former comprehensive bonded area, Shanghai FTA was expanded to include Lujiazui Financial Area, Jinqiao Development Zone and Zhangjiang Hi-Tech Area.

To improve the government's administrative efficiency and effectiveness, Shanghai FTA will implement a dynamic mechanism in the review and approval process to ensure applicants could get the result in the shortest time possible in 2017.

In the aspect of investment and trade finance reform, Shanghai FTA will promote the pilot project on implementation of the negative list system for market access, develop a model for management of the negative list in financial services, further expand the functions of the free trade account and build a global RMB clearing service system.

A comprehensive supervision platform will be launched to strengthen monitoring and early warning in high-risk areas such as financial frauds and illegal fund-raising.