An unveiling ceremony of the expanded Shanghai Free Trade Zone is held in the city's Pudong New Area, where the FTZ is located, on April 27, 2015. (Photo/cnstock.com)
The unveiling ceremony the expanded Shanghai Free Trade Zone's has been held in the city's Pudong New Area, where the FTZ is located.
3 new districts have all been incorporated into the FTZ, including the city's commercial and financial center.
The Shanghai Free Trade Zone has expanded to include the Lujiazui financial hub, Jinqiao manufacturing zone and Zhangjiang high-tech base, enlarging the zone to 120 square kilometers.
The three zones will serve as a national financial and trade zone, a national economic and technology development zone, and a state-level indigenous innovation demonstration zone.
The Shanghai FTZ Administrative Committee will also establish its office in the Pudong New Area, and 5 sub-committees responsible will also be built.
Sun Jiwei, vice director of the Committee, explains how they will retain the FTZ's reform advantages.
"We'll formulate a plan on government transformation, come up with several reform measures and release two lists on our official website. The lists will continue to be upgraded to improve and enhance transparency."
The power list and accountability list are both being promoted in Pudong New Area, including all laws, rules, reform documents, responsibilities and a great number of supervision measures and service guides.
Sun adds that they'll also strengthen the chain reaction between the building of 'four centers.' These include financial, economic, trade and shipping centers, and a sci-tech innovation center.
They will also drive the construction of the 'One Belt, One Road' initiative and the development of the Yangtze River economic belt.
Meanwhile, the Free Trade Zone has also been promoting innovation in the financial system.
Wu Jun, deputy director of Shanghai Financial Service Office, says that enterprises should register for a Free Trade account in the FTZ if they want to raise funds abroad.
"By March, 17 commercial banks and one gold exchange had registered for a supervision and management system, more than 12 thousand accounts have already been opened. Last week, foreign currency functions have been available on the Free Trade account, meaning that the free trade service on integration of domestic and foreign currency is now available in the FTZ."
The expanded zone will become a multi-functional group with capabilities such as finance, manufacturing, innovation and trade, bringing more and more benefits for its enterprises.
The expansion comes on the heels of the launch of three new Free Trade Zones in Tianjin, Guangdong and Fujian.
