New Shanghai guideline supports promoting economic reforms

A new guideline urges that successful reforms implemented at the China (Shanghai) Pilot Free Trade Zone be promoted to the city's national-level economic development zones, according to the Shanghai Municipal Commission of Commerce on Wednesday.

As the commission has calculated, there are nine national-level economic development zones in Shanghai. The Jinqiao Comprehensive Bonded Area will be encouraged to carry out some of the financial reforms already implemented at the Shanghai FTZ, according to the new guideline.

Foreign-invested companies based in the nine zones are encouraged to upgrade their entities into regional headquarters or research and development centers. Favorable policies regarding capital management, customs and talent introduction will be provided.

For large or key projects foreign companies invest in, the local government will provide special rewards based on their respective contribution to the city's economic growth. A special discount will be offered to imports of key equipment and parts.

Intermediary trade also is encouraged in the new guideline. Meanwhile, operators of the nine economic zones are encouraged to go public once they meet the basic requirements. Eligible zones also can roll out their own real estate investment trusts, the guideline said.