At a press conference in Beijing on Monday, Shanghai Mayor Ying Yong said the China (Shanghai) Pilot Free Trade Zone will be developed into a high-standard free trade zone with open rules, transparent procedures, effective supervision and good business environment.

He said the FTZ has attained its initial goals. Shanghai will cooperate with central government departments, particularly the Ministry of Commerce, to formulate new reform plans for the zone.

The municipal government will conduct stress tests for new opening policies in the zone and turn the zone into a platform for Chinese enterprises to launch business abroad. Successful policies and reform experiences in the zone will be introduced nationwide, Ying said.

The mayor told the media that the Shanghai FTZ will join the city in reform and development and contribute to the city’s transformation into an international financial center and a global innovation center.

Source: Shanghai FTZ Government.cn