On 22 Augustthe State Council approved the establishment of SFTZ.

Officially launched on 29 September with the backing of Chinese Premier Li Keqiangit is the first free-trade zone in mainland China. Since 21 AprilShanghai FTZ's areas are expanded, including Lujiazui Financial and Trade ZoneShanghai Jinqiao Economic and Technological Development Zone former Jinqiao Export Processing Zone and Zhangjiang Hi-Tech Park.

The zone is being used as a testing ground for a number of economic and social reforms. While Microsoft had aimed at having its Xbox on the market by late Aprilit has now been slated for a release date of 23 September Although it was initially reported that the zone would also have unrestricted access to the internet with bans on sites such as Facebook lifted[8] the official Xinhua News Agency has stated that Internet restrictions would not be lifted.

Commodities entering the zone are not subject to duty and customs clearance as would otherwise be the case. This has been a boon to the wine industry in China, as it grants importers more flexibility in bringing wine into the country. The FTZ features a distinctive mechanism for dispute resolution than exists elsewhere in China. Arbitration in the zone is governed by a separate set of Arbitration Rules issued by the Shanghai International Arbitration Center SHIAC.

Additionally, arbitrators may be chosen from outside of the official roster maintained by SHIAC, provided they satisfy certain qualifying criteria. The zone cancels out a number of financial requirements for setting up a company in China, including the minimum registration capital of RMB30, for limited liability companies, the RMB, minimum for single shareholder companies, and the RMB5 million minimum for joint stock companies.

Moreover, under the FTZ's new capital registration system, foreign investors are no longer required to contribute percent capital within three months and full capital within two years of the establishment of a foreign invested enterprise FIE.

Instead, shareholders of companies established in the zone may agree upon the contribution amount, form, and period of contribution at their own discretion. However, shareholders are still liable for the authenticity and legality of capital contributions and will be held accountable to the company within the limits of their respective subscribed capital or shares.

In addition to these financial reforms, the FTZ also introduces a simplified procedure for foreign investors to establish a company in China.

Free trade zones - Doing Business in China

The "one-stop application processing platform" unique to the zone requires that all application materials be submitted to and handled by the Industry and Commerce Authority AIC in the zone.

The relevant approval and filing procedures are then conducted via inter-departmental circulation, after which the various licenses and certificates including the business license, enterprise code certificate, and tax registration certificate are issued to the applicant s by the AIC.

This means that applicants may obtain all the necessary documents for company establishment in one place, in contrast with outside the zone where applicants must run around between different authorities for the issuance of various certificates. According to the Shanghai Statistics Bureau, close to 10, businesses had registered within the FTZ as of June — of which were foreign-invested enterprises.

As announced by the State Administration of Foreign Exchange SAFE Shanghai branch on 28 Februarythe Free Trade Zone will permit yuan convertibility and unrestricted foreign currency exchange, and a tax-free period of 10 years for the businesses in the area as a means to simplify the process of foreign direct investment FDI and facilitate the management of capital accounts.

Under the new regulations, foreign invested enterprises FIEs registered in the FTZ may now make foreign exchange capital account settlements at their own discretion, as opposed to under the previous rules, where settlements were restricted to those deemed to be "actual needs" by SAFE.

FIEs in the FTZ may also now open RMB special deposit accounts to hold RMB funds obtained from foreign exchange settlements, which may then be used to make payments for real transactions. However, restrictions still apply for using RMB funds for certain types of transactions. Given that the FTZ amalgamated two existing bonded zones—Waigaoqiao and Yangshan—a large percentage of its total area is given over to industrial use.

Moreover, commercial space was quickly snatched up by speculators betting on the future desirability of the zone's preferential policies. This drove up office rents in the FTZ and has created a bubble in the sector. Notably, enterprises are permitted to register virtual offices in the FTZ, through which they can still enjoy the zone's distinctive regulations.

The zone introduces a number of reforms designed to create a preferential environment for foreign investment. Another important feature of the zone is found in its "negative list" approach to foreign investment, which is permitted in all sectors unless explicitly prohibited by the inclusion of a given sector on the Negative List published by the Shanghai Municipal Government.

The 16 stockbroker course in delhi thus named as restricted or prohibited for foreign investment are organized as follows: The Negative List was updated in Julyforex trading nl relaxing restrictions on foreign investment in the financial industry, manufacturing, and transportation services.

In one of the first measures introduced as part of good place to make money maplestory Shanghai FTZ, the General Administration of Customs GAC launched a cross-border E-commerce platform, buyeasi.

This was intended to stymie the widespread evasion of customs duty and smuggling that have emerged amidst China's china currency free trade zone shanghai free-trade e-commerce market through online vendors such as Taobao.

Products on the new site, which will be monitored by the GAC, are sold by vendors who have conducted record-filing with the customs authorities, thereby avoiding the risk of fake products and lowering product prices through the use of bonded warehouses.

The FTZ introduces two main changes to the Chinese option binary demo services industry: Secondly, foreign law firms that have already established ROs in China can now set up joint operations in the Shanghai FTZ with Chinese law firms, whereby they may provide legal services to Chinese and foreign clients based on Foreign currency trading scams and foreign laws in accordance with the rights and obligations stipulated in their agreement.

As a result of the rush of companies looking to incorporate in the zone, industrial property warehouses has witnessed soaring rental prices in comparison with elsewhere in Shanghai.

Insurance companies in the FTZ are able to apply to the Shanghai Institute of Marine Insurance for add select option dynamically in javascript to offer new marine insurance products. This is the first instance of an industry association being granted such powers in China, and is intended to raise the competitiveness of Shanghai's marine insurance industry.

Under legislation issued by the Shanghai Municipal Government, foreign investors may establish wholly foreign-owned enterprises WFOE in the medical industry in the FTZ. Both forms of establishment are subject to certain conditions, such as a minimum total investment of RMB20 million and a maximum operating period of 20 years. China's telecom sector remains heavily restricted in the FTZ as elsewhere in China, where the industry is dominated by state-owned giants China MobileChina Unicom and China Telecom.

However, the zone does allow foreign investment in "value-added telecom services" VATSdefined as non-core telecom services i.

VATS enterprises in the zone also benefit from a shortened approval process. From Wikipedia, the free encyclopedia. Retrieved 30 September Retrieved 28 April South China Morning Post. Retrieved 8 October Free-Trade Zones of the People's Republic of China.

Tianjin Airport Economic Area Tianjin Airport Free Trade Zone Tianjin Airport International Logistics Zone Tianjin Port Free Trade Zone Airport section Dongjiang Free Trade Port Zone Tianjin Bonded Logistics Zone Harbor section Tianjin Comprehensive Free Trade Zone Dongjiang Free Trade Port Zone.

Waigaoqiao Free Trade Zone Waigaoqiao Free Trade Logistics Park Yangshan Free Trade Port Area Lujiazui Financial and Trade Zone Shanghai Jinqiao Economic and Technological Development Zone Shanghai Pudong Airport Comprehensive Free Trade Zone Zhangjiang Hi-Tech Park.

Southeast Haicang International Shipping Center Cross-strait Trade Center Core Area Fuzhou Economic and Technological Development Zone Fuzhou Bonded Logistics Harbor Zone Pingtan Port Trade Zone Pingtan High-Tech Industrial Zone Pingtan Tourism Business District. Nansha New Area Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Shekou Industrial Zone Hengqin New Area. Architecture Economy Geography History Timeline Politics.

Huangpu Xuhui Changning Jing'an Putuo Hongkou Yangpu Minhang Baoshan Jiading Pudong Shanghai Free-Trade Zone Jinshan Songjiang Qingpu Fengxian Chongming Defunct divisions Nanshi Luwan Wusong Nanhui Zhabei Chuansha County Shanghai County. Old City Qibao French Concession International Settlement People's Square Xujiahui Thames Town. The Bund Nanjing Road Huaihai Road Yan'an Road Hengshan Road Wukang Road Duolun Road.

Shikumen Longtang Shanghainese language Shanghainese cuisine Shanghainese people Haipai Shanghai opera.

The impact of China’s new free trade zone | World Economic Forum

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