According to the Shanghai Development and Reform Commission, 116 administrative licensing items, including the reform in the commercial registration system, have been promoted to the 10 other such zones in the country, as well was a number of eligible national-level innovation demonstration zones and national high-tech industrial development zones.
That is the case, as 37 policies regarding investment reform, such as the filing of foreign investment, have been applied all over the country. Some 34 trade-facilitating policies have been promoted in special customs supervision zones, the Yangtze River Delta region as well as nationwide, one step at a time. Up to 23 innovations in the financial system, including cross-border financing and liberalization of interest rates, have been promoted in the country.
All these are responses to instructions from Xi, also general secretary of the Communist Party of China Central Committee, on the construction of the Shanghai FTZ, which celebrates its fourth anniversary in a week. During the two sessions earlier this year, Xi stressed that Shanghai should work as a pioneer in national reform and innovation by seeking more accomplishments in the Shanghai FTZ.
In the instructions released at the end of last year, Xi required that local authorities find out the weaknesses of the Shanghai zone and build it according to the world's highest standards.
"By making bold attempts and breakthroughs and seeking reform independently, the Shanghai FTZ should come out with more systematic innovation results that can be duplicated and promoted in the country," Xi said.
So far, 48,000 companies have been registered in the Shanghai zone since its official launch in late September 2013. Of those, 8,781 are foreign-invested companies, while 274 multinational companies have set up their regional headquarters there. (Source: China Daily)
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