China (Shanghai) Pilot Free Trade Zone (FTZ) is a Free Trade Zone in Shanghai, the first of its kind in mainland China, and will bring a decade of development dividends to Shanghai.

In August 2013, the state council officially approved the establishment of the China (Shanghai) pilot free trade zone.

The experimental zone was set up, the Shanghai waigaoqiao free trade zone as the core, supplemented by airport and yangshan port bonded area lingang new city, as a new field, the Chinese economy shall practise a system of government function transformation, financial and trade services, foreign investment and several reform measures such as tax policy, and vigorously promote the development of Shanghai transit, offshore business.

The project met with resistance, but li keqiang, the premier, tried to push it through.

On September 29, 2013, Shanghai free trade zone was officially established.

The Shanghai free trade zone covers four areas under special supervision of the customs, including waigaoqiao free trade zone, waigaoqiao bonded logistics park, yangshan bonded port zone and Shanghai pudong airport comprehensive free trade zone. The total area of the zone is 28.78 square kilometers, which is a pattern of "four zones and three ports" free trade zones.

Features:

The Shanghai free trade zone is generally international and bilateral, and it focuses on the pilot financial reform.

The guangdong-hong kong-macao free trade zone established in guangdong is a regional free trade zone, which focuses more on the external relations, focusing on the economic ties between guangdong province and Hong Kong and Macao, and more on the economic integration of the pearl river delta region.

China (Shanghai) pilot free trade zone and guangdong-hong kong-macao free trade zone are two completely different pilot areas.

Size:

1. Waigaoqiao free trade zone (10 square kilometers) was officially launched in September 1990. It is the first free trade zone in China and the largest free trade zone in terms of economic aggregate among the 15 free trade zones in China.

2. Waigaoqiao bonded logistics park (1.03 square kilometers) is the first bonded logistics park in China specially approved by the state council

3. Pudong airport comprehensive bonded zone (3.59 km2).

4. Yangshan bonded port area (14.16 square kilometers, including land area of 6.85 square kilometers and island area of 7.31 square kilometers).

Function:

In 2013, the comprehensive insurance zone of Shanghai will promote the international trade settlement center, financial leasing, futures bonded delivery function, expand the pilot scale of bonded ship registration, and study the establishment of an international account with offshore characteristics.

Deepening the international trade settlement center pilot operation, financing lease function comprehensive development, in order to function to promote the commodity futures bonded delivery industrial concentration, enlarging the scale of warehouse and ship registration and promote the airport area make substantive progress, do ocean mountain port integration bonded port area transit consolidation of international business, comprehensively promote the asia-pacific carriers plan, explore "front shop, back library" linkage model, pilot global maintenance inspection business, set up have the characteristics of offshore international account.

The opening ceremony of China (Shanghai) pilot free trade zone was held on September 29, 2013. On the same day, relevant government departments and Shanghai municipal leaders issued certificates and licenses to the representatives of the first batch of enterprises and financial institutions to enter the pilot free trade zone.

The first batch of enterprises and 11 financial institutions settled in the zone included 25 enterprises and 11 financial institutions, among which 11 financial institutions included 8 Chinese Banks of icbc, agricultural bank of China, bank of China, bank of China, bank of communications, China merchants bank, Shanghai pudong development bank and bank of Shanghai, 2 foreign Banks including citigroup and DBS, and 1 financial leasing company of bank of communications financial leasing.