Recently, the State Council of China officially approved the establishment of China (Shanghai) Trial Free Trade Zone. The trial area covers four areas including Shanghai Waigaoqiao Free Trade Zone, Waigaoqiao Bonded Logistics Park, the Yangshan Bonded Port and Shanghai Pudong Airport Free Trade Zone. These four areas are under special Customs supervision with a total area of 28.78 square kilometers.
Chinese Premier Li Keqiang pushed forward the Shanghai Free Trade Area
According to an early report by the South China Morning Post, there had been objections from the financial regulatory authorities against the free trade zone plan; but the Chinese Premier Li Keqiang managed to smooth all challenges, and finally get the scheme approved. This event described the determination of the new leadership to promote the long-delayed economic reforms. On 3rd of July, Li Keqiang chaired a State Council executive meeting and approved in principle the “China (Shanghai) Trial Free Trade Area Overall Program” covering Shanghai Waigaoqiao Free Trade Zone and other three areas which are under special customs supervision.