New guidelines help Liaoning's capital reinvigorate free trade zone

The city government of Shenyang, in Liaoning province, issued guidelines to help spur new development in the Shenyang Area of China (Liaoning) Pilot Free Trade Zone through systematic innovation last month.

The guidelines are expected to be put into action in January 2019, covering sectors such as institution management, investment, trade facilitation, financial innovation and risk control, according to Song Kunchi, deputy director of the legal affairs office of the Shenyang city government.

They also touch on other fields such as reform of State-owned enterprises, industrial upgrading, technological innovation, public services and law enforcement.

The guidelines establish an innovative management system in a bid to optimize management, to streamline administration and delegate powers and to transform government functions.

To promote the zone's trade facilitation, the guideline set regulations on management methods for such things as credit ratings and the registration of innovative companies.

In addition, the guidelines also measure such criteria as expert advice, feedback and evaluation mechanisms to promote the zone's establishment of an internationalized, legalized and market-oriented business environment.

The guidelines also establish regulations that stipulate the reform and industrial upgrading of State-owned enterprises.

The zone will promote the mixed ownership of State-owned enterprises reform and pilot employee stock ownership, while innovating and reforming the salary distribution system in State-owned enterprises through experimental practices, Song said.

The guidelines clarify the zone's primary tasks and policy measures in terms of investment and trade facilitation, financial innovation, State-owned enterprise reform and industrial upgrading, as well as scientific and technological innovation, utilizing the rule of law as a shield for innovation.

Next, the zone will further deepen and focus on institutional innovation and will give full play to the combined force of opening-up, reform and innovation under the guidance of legislation, while further strengthening the integration of reform systems to form more replicable institutional innovation practices, officials said.