Shanghai FTZ draft set to be released

The general draft plan of the Shanghai Free Trade Zone (FTZ) will be officially released by State authorities this week at the earliest, with the interim management rules to be introduced by Shanghai authorities later, Shanghai Securities News reported Wednesday.

The general plan will cover nearly 100 pilot tasks, half of which are about system innovation mainly in four aspects: further opening up in investment, changing trade development pattern, opening up in finance and speeding up changes in government functions.

To change the trade development pattern, the FTZ will encourage new business including e-commerce, finance leases, commodity trading and offshore trade, Zhang Hong, an official of the FTZ Administration, was cited by the report as saying.

In finance, the FTZ will try to establish a new supervision system. The system innovation will include free conversion of renminbi and free flow of capital, the report said.

Media reports have also pointed to other initiatives targeting shipping, insurance and healthcare, among others.

The Shanghai FTZ Administration could not be reached for comment by press time.

The Information Office of Shanghai Municipality told the Global Times Wednesday that the general plan was designed by the central government so the information office does not comment on the report.