China's central authorities back Shanghai FTZ

The Political Bureau of the Communist Party of China (CPC) Central Committee threw its weight behind the planned Shanghai pilot free trade zone (FTZ) on Tuesday.

Establishing the flagship Shanghai FTZ in response to new circumstances is an important step forward in reform and opening up, said a statement issued after a meeting of the 25-member political bureau Tuesday in Beijing.

The political bureau members, including General Secretary of the CPC Central Committee Xi Jinping, listened to a work report of the preparation for establishing the Shanghai FTZ.

The program will spearhead the CPC Central Committee's endeavor to explore new ways of improving management, advancing the transformation of government functions, facilitating trade and investment, and deepening reform and opening up the economy, said the statement.

The political bureau urged the State Council, or Cabinet, Shanghai municipal government and all related government departments to work together to forge ahead with the program.

Covering 28.78 square kilometers, the new zone will adjoin existing bonded zones in Shanghai -- Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone.