The much anticipated Pilot Free Trade Zone will open in Shanghai this weekend. To start with, 36 companies will make up the Free Trade Zone, of those only 11 are either Sino-foreign joint ventures or wholly foreign owned.

The Free Trade Zone covers 28.78 square kilometres and includes Waigaoqiao Free Trade Zone, Waigaoqiao bonded logistics park, Yangshan bonded port area and the Airport Free Trade Zone.

Initiatives laid out in the pilot will affect key sectors of the economy including finance, commerce and industry. Of the pilot, Gerry Mattios, principal of consultancy Bain & Co. said, “The establishment of the Free Trade Zone is likely to ease concerns over market access, which is identified as one of the major non-tariff obstacles.” 

The Free Trade Zone will scrap technical restrictions and lower quality standards in six areas (ranging from finance to cultural services). Shortcuts will be included for foreign banks to set up subsidiary or joint venture operations and foreign companies will also be allowed to offer “specialized telecommunications services” within the zone.

However, contrary to previous reports, it looks like Facebook, Twitter and other blocked sites will not be accessible in the new zone after all. Official sources were quoted as saying the management measures over the internet at the Free Trade Zone will be consistent with the rest of the country’s, according to Xinhua.

Source: ifeng.com

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Keywords: China’s pilot free trade zone