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On the eve of the one-year anniversary of the Shanghai Free Trade Zone (FTZ), China announced fresh measures Sunday to further liberalize business for foreign companies in the pilot zone.
The State Council, or China's cabinet, decided to temporarily adjust 27 items in six regulations regarding international shipping, salt, automobile, civil aviation and others.
Foreign firms are allowed to hold bigger stakes in joint ventures and do business in broader fields with lower thresholds in the Shanghai FTZ.
The State Council asked its departments and the Shanghai Municipal Government to make detailed policies in accordance with the adjustments.
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