The Shanghai Free Trade Zone: A Pioneer in China’s Institutional Opening Up
Editor’s note: Yang Hangjun is the vice dean of the School of International Trade and Economics, University of International Business and Economics. The article reflects the author’s opinions and not necessarily the views of CGTN.
Established in 2013, the China (Shanghai) Pilot Free Trade Zone has stood as a beacon of success in facilitating China’s opening up and institutional innovation. Celebrating its 11th anniversary, the Zone has been a driving force behind significant historical changes in the country’s economic landscape.
Institutional Innovation Achievements
Since its inception, the Shanghai Free Trade Zone has led the charge in institutional innovation nationwide. Initiatives such as the negative list for foreign investment, the international trade “single window,” and financial innovation systems have set new standards, impacting China’s reform and opening up journey. With continuous developments, the Zone has achieved remarkable reductions in foreign investment restrictions, showcasing its commitment to broadening the path of opening up.
Adapting to High-standard International Rules
In a rapidly transforming global economic landscape, China has established 22 free trade zones, aligning itself with high-standard international economic and trade rules. By benchmarking against agreements like CPTPP and RCEP, China is advocating for stringent norms in areas such as intellectual property and environmental protection, striving to lead in global economic competition.
Future of Institutional Opening Up
As China continues to navigate economic reforms, the free trade zone system remains pivotal in driving internal transformation and attracting foreign investments. By expanding market access and enhancing the business environment, these zones play a crucial role in shaping the country’s economic future. Through innovative reforms and rule alignment, China is poised to contribute significantly to global trade development.
[ad_2]
Source link