Shanghai Pilot Free Trade Zone: new international trade opportunities in China
September 29, 2013 saw the formal launch of the China (Shanghai) Pilot Free Trade Zone, which the People’s Republic of China will use as a testing ground for the next three years in response to the change of economic model established at the Third plenary session of the 18th Central Committee of the Communist Party of China. After three years, its operation and results will be evaluated and the process of reforms is very likely to continue. The Chinese Government aims to support expansion in countrywide Chinese growth centered on the rise in domestic consumption, production with greater added value, new technologies and environmentally-friendly activities.
Notably, the Pilot Free Trade Zone will also relax administrative controls on foreign investment, replacing the Foreign Investment Catalog with a provisional “negative list” that will facilitate setting up, imports/exports and commercial registrations. It also opens up potential transactions in more service sectors, such as health, travel agencies, etc.
Garrigues Corporate Law and Commercial Contracts Department