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China adjusts measures in Shanghai FTZ

Updated: 2014-01-07 09:10
( Xinhua)

BEIJING - Changes to a raft of measures on foreign investment approval and admission control within the pilot free trade zone (FTZ) in Shanghai were announced by the Chinese government on Monday.

The State Council, or Cabinet, said in a statement that it decided to temporarily adjust measures in an effort to reform the country's foreign investment management and open the service sector wider to overseas investors.

Adjustments to administrative approval measures mainly include changes to procedures for the establishment and management of foreign-invested enterprises and Chinese-foreign joint ventures in the zone.

In the zone, 24 kinds of administrative approvals will be suspended for business fields outside a "negative list" identifying bans or restrictions on foreign investment, and be replaced by a report-based management.

The government will also relax controls over foreign investment in fields covering international shipping, credit investigation, performance brokerage, entertainment, training and telecommunications within the zone.

New measures for the zone will be made by related government departments, according to the statement.

The zone covers 28.78 square kilometers in four areas of Shanghai, China's financial hub. It got the nod from central government in August and was officially unveiled in September.