China expects Shanghai to build the city's free trade zone into a world-class one with liberalized trade and investment, no hidden or opaque rules, fair and efficient supervision, as well as convenient business environment by 2020.

The FTZ should have set up a mechanism in line with the international investment and trade rules by 2020, according to a plan to deepen reform and opening-up in the FTZ, released by the State Council.

The plan said the FTZ should become a comprehensive reform experiment zone that integrates opening-up and innovation, construction of an open economic system and improving government administration as it embarks on its next phase of development.

Shanghai's Party Secretary Han Zheng has said the FTZ needs to innovate in technological research and development as well as international financing for the FTZ to be a bridgehead for the Belt and Road initiative and help domestic firms channel investment overseas.

The FTZ will build a platform to provide information, policy and services to enterprises going global as required by the central government.

The next phase in the FTZ development will also include offshore tax arrangements and allocating resources to serve the Belt and Road strategy.

Source:china-shftz.gov.cn