Shanghai was promoting to set up a free trade zone (FTZ) in its Pudong New Area, which is important to construct international trading center and improve market resource-deploying ability domestic and abroad.

The Free trade zone will firstly start as an experimental unit in Shanghai.Under the plans, the city is to take several measures including building free trade zones and duty-free shops, in a bid to boost Shanghai as an international trade center by the end of 2020.

Analysts said Pudong International Airport Comprehensive Bonded Zone had solid economic and foreign trade foundations to develop into a FTZ and was expected to become the first FTZ in Shanghai providing free exchange of currency.

Mr. Graham Mather, the Chairman of World Free Zone Convention said that Shanghai will benefit a lot if Shanghai Free Trade Zone has capability of offering financial service equivalent to its huge trade volumes.

Source from CNSS