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September 27, 2013, China's cabinet issued a framework plan for the China（Shanghai） Pilot Free Trade Zone（the Shanghai FTZ）. It was formally expressed that this would be a test of China’s free trade system. As an early source of information on the Shanghai FTZ, this paper will seek to explain the details surrounding the Shanghai FTZ and the contents of the policy. Alternatively it will also analyze why the Shanghai FTZ is significant for seasons that are not economically based. Additionally, background information will be looked at. Simply because the words "Free Trade Zone" appears in the name, it has been seen as a measure to purely promote trade and investment. However, the Shanghai FTZ is not solely for this purpose. In fact,it is a national strategy aimed at expediting the functional transformation of the government, exploring administrative innovations, stimulating trade and investment facilitation, deepening innovation and opening up of financial services, and looks to accumulate experience on achieving a more open Chinese economy. I consider this to be a significant expansion for China, as it will deepen the reform already taking place in its government and through its economic development. However, the Shanghai FTZ has just been established,and a substantial, concrete policy has not been completely hammered out as of now. I will be remaining focused on the effects and trends that come from future policy updates. |
