China's State Council has given its formal approval for the establishment of a pilot free trade zone in Shanghai.

 

　　Su Yi has the details.

 

　　The new Free Trade Zone will combine four existing pilot free trade areas in the municipality, including Waigaoqiao FTZ, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Comprehensive FTZ.

 

　　It is expected to further expand to cover an area of nearly 29-square kilometers.

 

　　The new FTZ is being established as the central government trys to impose a more proactive opening-up strategy to boost trade.

 

　　A government statement says the move is designed to "help explore a new path for China's opening up, speed up transformation of government functions and promote economic restructuring".

 

　　It is expected the pilot zone in Shanghai will be copied in other parts of the country at some point down the road.

 

　　The statement says the FTZ will showcase an "upgraded version of China's economy", a concept that has particularly been promoted by Chinese Premier Li Keqiang.

 

　　So far, two significant moves have already been made in the FTZ, including the adoption of a "negative list" approach when it comes to foreign investment and some legal adjustments in order to simplify administrative approval procedures.

 

　　More detailed plans are still waiting for approval.

 

　　For CRI, I'm Su Yi.