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SHANGHAI PILOT FREE TRADE ZONE (SFTZ)

On September 29th (2013) Chinese Government launched the pilot Shanghai Free-trade Zone, which is the first Hong Kong-like free trade area in Mainland China. The plan was first announced by the government in July and it will first span 28.78 square kilometres, but it is believed it may eventually expand to cover the entire Pudong district which covers 1,210.4 sq km of land.

Eighteen sectors, ranging from finance to shipping, will have regulations loosened in the SFTZ: financial, shipping, commercial (telecom services), professional (legal services, investment management, credit investigation, construction services and travel agencies), cultural (entertainment) educational and medical services.

China is going to modify laws related to foreign enterprises in the SFTZ creating a friendly and more simple regulations for investments.

Other important target of this Plan is to allow RMB currency convertibility within the SFTZ, supporting China’s strategic goal to expand international trade in RMB.

This Pilot Free Trade Zone is established based on the strategic decision by the Central Government and is a significant measure to boost China's reform, that is going to enhance China's economic position globally, and contribute to achieving the revival of the Chinese People's China Dream. An other big step of the great Dragon which is going to have deep influence in World economy.

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