China Tax/Business News Flash

May 2017, Issue 14

“1+3+7” China’s brand new pattern of Pilot Free Trade Zones (2): A step forward upon the release of the in-depth reform plan of the Shanghai PFTZ

On 31 March 2017, the State Council released the development plan for the 7 new Pilot Free Trade Zones (PFTZ) in China, as well as the Plan for Comprehensively Deepening the Opening-up Reform in the China (Shanghai) PFTZ (the “Plan”). Building on the foundation of the 3-year pilot reform implemented in the SH PFTZ, the Plan is released to further promote the liberalization and facilitation of trade and investment activities and to implement a stress test for the new round of high level in-depth opening-up. The Plan sets forth twenty specific measures in section 2 to 5, among which measures such as the construction of a free trade port zone, use of PFTZs to support China’s “Belt and Road” initiative, further relaxation of the access restrictions, deepening financial reform and innovation, integrated development with the construction of Shanghai science and technology innovation centre.

In this News Flash, we will look back the achievements of SH PFTZ over the past three years, share the highlights of the deepened reform for the next stage as well as our observations.

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