Legislature to waive legal obstacles for foreign firms in FTZ

Companies backed by foreign capital operating in Shanghai's new free trade zone may be able to do more types of business than were previously open to them, such as auctioning cultural relics, if a proposal submitted to lawmakers on Monday is approved.

The State Council, the country's cabinet, has submitted a proposal to the National People's Congress Standing Committee, the nation's top legislature, that would halt the enforcement of four laws in China's first FTZ.

The Shanghai FTZ is being looked to by many as a prototype for zones that would lead to a rebound of China's economy.