Shanghai's free trade zone sets international standards

Shanghai Pilot Free Trade Zone will launch several measures to facilitate international collaboration and make policies in line with international standards according to a news report released on the Pudong's official website on Dec 25.

Universal Scientific Industrial (Shanghai) Company, located at Pudong New Area, is now dedicated to producing chips for the production of the Apple Watch. Owing to the measures launched by Shanghai's Pilot Free Trade Zone, the time spent in passing the customs has been greatly shortened, thus the company can deliver the products on time.

As a result, the amount of the company's exports during these three years has exceeded 1 billion dollars. Also, their operation revenue has increased by 138% compared to last year.

Moreover, the Zone endeavors to innovate its policies to bring more benefits to the companies' bases there.

Firstly, it has established an investment management system which matches international standards. Secondly, it has set up a high-standard regulatory   system to facilitate trade, thus it can closely monitor the operation of the port. Thirdly, it has created a financial innovation system which is suitable for a more open environment and better defends the companies against financial risk. Fourthly, it has formed an integral monitoring system to effectively regulate the whole market.

These innovative policies have invigorated the market, so much so in that the four years since its foundation, the free trade zone has witnessed an addition of nearly 50,000 enterprises.

Shanghai Pilot Free Trade Zone. [Photo/ Reuters.com]