SHANGHAI: Shanghai’s pilot free trade zone will beef up support for the city’s initiatives to build a global technology innovation center and a world financial hub, the zone’s regulator said.
“The expanded free trade zone is off to a good start in its first month of operation. Progress is being made on all fronts,” said Sun Jiwei, executive deputy director of the zone’s administration and head of the Pudong New Area.
The FTZ’s steering committee has set 39 tasks it wants to accomplish this year to push forward reforms. They include the transformation of the government’s role and follow-up management, as well as the promotion of the “four centers,” Sun said, without elaborating.
To support the city’s goal to become a world-class center of innovation, the zone will boost finance’s role in the technology sector, reform the management of venture capital and private equity funds, expand government-led funds and boost participation of private capital, he said.
The regulator is also considering setting up an investment bank in Zhangjiang High-Tech Park. The regulator will encourage the park to work with financial institutions to develop financial products and services for firms in the technology sector, Sun added.
Efforts will also be made to further boost trade facilitation for high-tech companies, such as streamlining clearance procedures for imports and exports of biological materials in a bid to cut research and development costs for biomedicine firms, Sun said.
The FTZ is seeking to attract more multinational financial institutions after the BRICS New Development Bank chose Lujiazui for its headquarters.
