Shanghai spells out policy plans for trade

Shanghai spells out policy plans for trade

Shanghai spells out policy plans for trade.
SHANGHAI will focus on policy innovation and infrastructure construction to build the city into a global trading center, the local government said in a document elaborating on key trade tasks for 2014-2015.
 
The city will accelerate various policy trials at the China (Shanghai) Pilot Free Trade Zone and gradually expand them into city-wide practices. After last month’s release of the 2014 negative list — an approach of administrative management in the FTZ — Shanghai officials will soon start compiling a list for next year.
 
Within the zone, more sectors in service and manufacturing industries will be opened for foreign and private investments, and the financial sector may see more reforms such as streamlined administration for foreign currency capital pools and more flexible management in international trade settlement.
 
Shanghai will also beef up efforts on the construction of various platforms, including those for big data, commodities and mortgages, at different levels to facilitate trade.
 
In the FTZ, the city plans to build international trading platforms for natural gas, iron ore, cotton, liquid chemicals, silver, nonferrous metals and other commodities.
 
Shanghai will also equip its trade with more e-technology, encouraging the usage of electric contract and electric bills to improve the efficiency and accountability of businesses.
 
Among the many tasks, there will be better protection of intellectual property, expansion of incentives for companies that move regional headquarters to the city, cultivation of domestic firms that meet the global standards, and support for small and medium-sized companies in commerce and trade.
 
The city will also host the China (Shanghai) International Technology Fair again next year to bolster trade of technology.
 
Shanghai is working to become a global trading center by 2020, helped by the FTZ, which was launched in September.
 
The city’s trade expanded 7.1 percent from a year earlier to US$263.9 billion in the first seven months of this year, much stronger than the national average gain of 2 percent, in part due to the FTZ.
 
Foreign direct investment in Shanghai also rose 9.3 percent to US$10.9 billion between January and July, compared with the nation’s contraction of 0.35 percent during the period.

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