The overall plan for the new area of Shanghai Pilot Free Trade Zone will boost Shanghai's international competitiveness by facilitating overseas investment, capital and goods flow.
China's State Council issued an overall plan for the new area at Lingang of the China (Shanghai) Pilot Free Trade Zone on August 6.
According to the plan, the new area will match the standards of the most competitive free trade zones worldwide and implement opening-up policies and systems with strong global market competitiveness.
The area will become a special economic function zone with global influence and competitiveness to better serve the country's overall opening-up strategy, it says.
One policy breakthrough is the open of offshore Renminbi (RMB) business in Lingang, which will enable multinationals in the new area to conduct offshore trade worldwide.
Ma Jun, president of the Volvo (China) Investment Co., Ltd., said they will benefit much from this.
"It is expected that in 2019, if all the overseas settlement is put in place, we will roughly have two billion to three billion U.S. dollars of business revenue, with the business revenue associated with the Belt and Road alone to reach 100 million U.S. dollars," said Ma.
The new area will not only facilitate overseas investment and capital flows but also realize the free flow of goods, according to the plan.
Han Yanbin, director of the ship operation in the Far East of Maersk, said the new plan will bring more opportunities to the free trade zone.
"The new policy will create new opportunities for the Shanghai FTZ and draw more shipping services to the Shanghai International Shipping Center," said Han.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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