Shanghai FTZ 'Reflects Opening-up Strategy'
China Daily, September 30, 2013 Adjust font size:
The China (Shanghai) Pilot Free Trade Zone was officially launched on Sunday at a ceremony presided over by Shanghai Party chief Han Zheng and Commerce Minister Gao Hucheng.
Guests at the event included representatives of the first 25 companies and 11 financial institutions that obtained business licenses to operate in the zone.
Shanghai Mayor Yang Xiong said at the ceremony that the free trade zone will help expand financial reform and increase the country's opening-up.
Gao echoed Yang's sentiments, saying that the launch of the FTZ is in line with global economic development "and reflects a more active strategy of opening-up."
Detailed regulations for the FTZ were released at a news conference.
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The Industrial and Commercial Bank of China opened a branch in the China (Shanghai) Pilot Free Trade Zone in Pudong district on Sunday. ICBC is one of 36 companies given licenses to operate in the zone, as are two foreign banks: Citibank of the United States and DBS Group from Singapore. [China Daily] |
