China has expanded the Shanghai free trade zone by four times in terms of land coverage to include Lujiazui financial area, Zhangjiang High-tech Park zone and Jinqiao area as the country further deepens its economic reform.

The China (Shanghai) Pilot Free Trade Zone will cover 120.72 square kilometers after the expansion, involving 25 reform measures. The FTZ currently covers 28.78 square kilometers.

The State Council approved the highly-anticipated expansion of the area, whose pilot operation kicked off in 2013.

More bold reform and innovation are encouraged.

Less red tape, more liberal financial policies and further open-up are on the list.