Arab Today, arab today shanghai ftz to further promote china\s reform opening up
Last Updated : GMT 06:03:44
Arab Today, arab today
Arab Today, arab today

Shanghai FTZ to further promote China\'s reform, opening up

Arab Today, arab today

Arab Today, arab today Shanghai FTZ to further promote China\'s reform, opening up

Beijing - XINHUA

The approval of the establishment of Shanghai free trade zone (FTZ) was considered a significant step of further financial reform and opening up to adapt to the global economic and trade development, according to experts. China’s Ministry of Commerce (MOC) announced Thursday that the central government had approved the establishment of the pilot zone, following some guidelines released by the city. The guidelines detailed measures to allow more private capital in the banking sector and promote cross-border use of RMB. Covering 28.78 square kilometers, the FTZ will be built on the basis of the existing bonded zones -- Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone. According to the statement of Ministry of Commerce, the move will help explore a new path for China\'s opening up, speed up transformation of government functions and promote economic restructuring. \"This move marked a new achievement of China\'s opening-up strategy, with the significance no less than the establishment of Shenzhen Special Economic Zone and Shanghai Pudong New Area.\" said Bai Ming, a researcher with the Ministry of Commerce. \"The FTZ is not a special zone or new area. Its significance lies not in striving for preferential policies but in establishing a new system in line with international standards and realizing highly efficient management in sectors like investment and trade,\" said Zhou Zhenhua, director of the Shanghai Municipal Government Development Research Center. Experts also predicted that the FTZ will give Shanghai the role as a \"free port\" of RMB\'s internationalization. The function of the FTZ will involve interest rate liberalization, currency free exchange, financial industry\'s opening-up, financial service innovation and some other offshore financial services, said Xu Quan, an official with the Shanghai government\'s financial office. In the meantime, many companies are already busy working to adapt to the coming dramatic moves of vital significance. For instance, the Shanghai Pudong Development Bank is one of them. The bank has set up a team to prepare for the establishment of the new zone, said Ge Yufei, vice-president of the bank\'s Shanghai branch. “Our initial plans include setting up an office within the area, and developing innovative products and services to meet various demands,” he said.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today shanghai ftz to further promote china\s reform opening up Arab Today, arab today shanghai ftz to further promote china\s reform opening up

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today shanghai ftz to further promote china\s reform opening up Arab Today, arab today shanghai ftz to further promote china\s reform opening up

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today Sally Shaheen considers hosting a political show
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday