Shanghai municipal government on Tuesday announced a negative list for services trade in the Shanghai Pilot Free Trade Zone (FTZ), an effort to further carry out China's opening-up policy and create a sound business environment for foreign investors.
As a pilot city for the innovation and development of national services trade, the development of Shanghai's services trade has always been in the leading position in the country, read a statement posted on the government's website.
The city obtained $195.5 billion in services trade in 2017, ranking first across China, according to the statement.
To implement the negative list management model for cross-border services trade in the Shanghai Pilot FTZ will help reduce barriers of trade services and will build a market that features more open and free services trade, the government statement said.
It will also play a vital role in facilitating the country in actively confronting the changing global economic and trade situation and further integrating itself into the world's value chain.