Shanghai FTZ gears up for high-quality development

Over the past decade, the China (Shanghai) Pilot Free Trade Zone has played a significant role in deepening reforms, exploring new development paths and driving Shanghai's high-quality development.  

The FTZ has served as a testing ground for the country's reform and opening-up. For example, it has initiated a comprehensive pilot reform covering 519 enterprise-related licensing matters since December 2019.

The FTZ has also expanded the reform of 248 approval matters to the entire city since August 2020. Initially, only financial institutions and enterprises within the FTZ could open free trade accounts. Today, financial institutions across the city can do the same.

The Shanghai FTZ has reinforced the city's role as a source of technological innovation by protecting the intellectual property rights and facilitating the recruitment of international talents. The zone has also launched pilot programs such as the bonded supervision of the entire integrated circuit industrial chain, the registration system for medical device manufacturers and the single window for international trade.

The Shanghai FTZ acts as an engine for economic growth. Over the past decade, more than 84,000 new enterprises have been registered in the Shanghai FTZ. About 14,000 new foreign-funded projects with a combined actual foreign investment of $58.6 billion have also settled in the zone. In 2022, Pudong New Area, where the FTZ is located, achieved a regional GDP of 1.6 trillion yuan ($219 billion), total retail sales of 5.9 trillion yuan and a fiscal revenue of 520.1 billion yuan.

The key initiatives in the FTZ have not only impacted businesses, but also directly benefited the lives of the citizens. Various measures have facilitated the quicker introduction of high-quality products and services from around the world to Shanghai, making it more convenient for residents to "buy globally".