EY - Insights on China (Shanghai) Pilot Free Trade Zone

Insights on China (Shanghai) Pilot Free Trade Zone

Establishing an open economic system

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29 September 2013 witnessed the official launch of mainland China’s first free trade zone — the China (Shanghai) Pilot Free Trade Zone (FTZ). Approved about a month before (22 August 2013) by China’s State Council, this free trade zone is located in the Pudong New Area of Shanghai.

EY helps to explore innovative policies and systems for the FTZ. We serve as a special counsel to the Shanghai Banking Association and maintain a good working relationship with the FTZ Management Committee and related Shanghai authorities. We also participate in discussions conducted by governmental bodies on relevant policy development for the FTZ, offering our professional opinion.

Subsequent developments of the FTZ will be published in our update series - EY China Pilot Free Trade Zone Publications Series:

Issue 2

After the FTZ’s first six months of operation, we summarize its recent developments set out in three categories – market access and trade facilitation; finance and foreign exchange administration and governance transformation and innovation. We also share views with detailed interpretation on:

  1. The banking supervisory system of the China Banking Regulatory Commission (CBRC)
  2. The opinions on simplifying administrative approval of the China Insurance Regulatory Commission (CIRC)
  3. The People’s Bank of China (PBOC) establishing a separate accounting system

 

Inaugural issue

The General Plan outlines investment, trade, finance, administration and legal as pilot change areas. We discuss the major highlights of the plan and milestones achieved. The key points include:

  1. Finance and foreign exchange
  2. Tax policies
  3. Investment management
  4. Others