The policy effect of the Shanghai Pilot Free Trade Zone is significant, with 80% believing that costs will decrease and 90% of enterprises feeling that trade is convenient

Release time:Apr 16, 2024 21:54 PM

On September 20th, the theme forum for the 10th anniversary of the construction of the China Pilot Free Trade Zone was held at the Zhangjiang Science Hall.

As the first free trade zone in the country, the Shanghai Pilot Free Trade Zone has been established for ten years. It has focused on key areas and key links, boldly experimenting, daring to explore, and independently improving, without building "bonsai" or "nurseries", and has formed a large number of replicable and promotable experiences. Through institutional innovation, the operating entities of the Shanghai Free Trade Zone are active, foreign investment continues to pour in, and the economic scale and level are constantly improving. As of the end of 2022, the Shanghai Free Trade Zone has established a total of 84000 new enterprises, which is 2.35 times higher than the 20 years before its listing in the same region, and has created 1/74 of the GDP with 1/8000 of the national area.

At the forum, the White Paper on the 10th Anniversary of the Construction of China Pilot Free Trade Zone and the Typical Case of Innovative Development of China Pilot Free Trade Zone were successively released, further vividly showcasing the achievements of the construction of Shanghai Pilot Free Trade Zone.

White Paper Summary of 10 Years of Development Experience

The White Paper on the 10th Anniversary of the Construction of the China Pilot Free Trade Zone reviews the construction process and development of the Shanghai Pilot Free Trade Zone, systematically summarizes and evaluates the reform achievements and experiences of the construction over the past 10 years, and looks forward to future development. The main body includes five chapters: "National Opening Strategy and the Historical Mission of the Shanghai Pilot Free Trade Zone", "Establishing the Basic Framework of Institutional Opening", "Building a Governance System for Coordinated Opening and Security of the Pilot Free Trade Zone", "Building a Pilot Demonstration Zone for Serving the National Strategy", and "Outlook".

Over the past 10 years, the Shanghai Pilot Free Trade Zone has reformed its management methods for overseas investment, implementing a record based management approach for overseas investment start-up enterprises and a record based management approach for general overseas investment projects. This has improved the convenience of overseas investment and effectively promoted the development of overseas investment business by enterprises. For example, a certain hotel group has completed multiple overseas investments through its subsidiary enterprises established in the pilot free trade zone, achieving brand expansion while also introducing some hotel brands into the Chinese market. The convenience of overseas investment greatly supports the internationalization strategy of the hotel group.

Over the past 10 years, the number and actual amount of foreign direct investment projects in the Shanghai Pilot Free Trade Zone have rapidly increased, making important contributions to the development of foreign investment in Shanghai and the whole country. In recent years, the number and amount of foreign direct investment contract projects in the Shanghai Pilot Free Trade Zone, as well as the actual amount of foreign direct investment received, have been higher than the average of Pudong New Area and Shanghai. In 2016, the number of contract projects of foreign investment enterprises reached about half of that of Shanghai, and in 2022, the actual amount of foreign direct investment received reached a historical high of 10.196 billion US dollars.

The Shanghai Pilot Free Trade Zone has achieved significant results in financial system innovation and effectively reduced the financing costs of enterprises, forming a number of replicable and promotable financial innovation systems. Multiple batches of financial innovation cases have provided guidance for further promoting institutional implementation. The results of the enterprise survey questionnaire show that more than 90% of enterprises believe that there has been a significant or significant improvement in the degree of financial openness after the establishment of the Shanghai Pilot Free Trade Zone; More than 80% of enterprises stated that the financing costs of the Shanghai Pilot Free Trade Zone have been continuously decreasing since its establishment, and the degree of financing convenience has been increasing, providing practical and effective ways to alleviate the financing difficulties of enterprises.

Overall, in the past 10 years, the structure of foreign-funded enterprises in the Shanghai Pilot Free Trade Zone has undergone significant changes, with new fields and industries constantly increasing. Multiple areas, including commodity certification, value-added telecommunications, vocational training, and financial services, have broken through the original access restrictions.

The continuous improvement of trade facilitation level in the Shanghai Pilot Free Trade Zone has enhanced the sense of gain for enterprises. According to the survey results of enterprises in the area, over 90% of enterprises believe that there has been a significant or significant improvement in the degree of trade facilitation after the establishment of the Shanghai Pilot Free Trade Zone; More than 80% of enterprises believe that the total cost of conducting trade is continuously decreasing; More than 95% of enterprises believe that the predictability of investment policies is constantly increasing, providing a stable institutional and policy basis for enterprise decision-making.

The policy effect of the Shanghai Pilot Free Trade Zone is significant, with 80% believing that costs will decrease and 90% of enterprises feeling that trade is convenient

Looking ahead to the future, the Shanghai Pilot Free Trade Zone will clearly align with international high standard economic and trade rules, benchmark against the most competitive free trade zones, adhere to institutional innovation as the core, continue to liberate the mind, dare to break through, serve as a good benchmark, boldly try, boldly explore, and independently improve, deeply integrate into the global economic system, carry out higher-level opening pressure tests, strengthen the supply of higher-level opening systems, effectively prevent and control risks, and accelerate the cultivation of the ability to represent countries in international economic cooperation and competition.

A typical case tells the story of Shanghai's free trade

Allianz Insurance Group is one of the world's leading financial services groups, providing insurance and asset management solutions on a global scale. Due to the limitation of foreign investment in the financial industry at that time, Sino German Allianz Life Insurance Co., Ltd. was first jointly established by Allianz Group and CITIC Trust Co., Ltd. In recent years, the Shanghai Pilot Free Trade Zone has been continuously promoting attempts and breakthroughs in the financial services industry, hoping to attract more high-quality foreign financial institutions to settle down. Allianz Group responded quickly and officially expressed its intention to establish a wholly-owned insurance holding company in China to the Shanghai Municipal Government in April 2018. After nearly a year of preparation work, Allianz Insurance Holding Co., Ltd. obtained the approval of the China Banking and Insurance Regulatory Commission for opening and completed registration in November 2019, becoming the first foreign-owned insurance holding company in the country.

Allianz Group stated that the opening up of the Shanghai Free Trade Zone will help strengthen Allianz Group's position in the Chinese market and seize more new business opportunities. The implementation of this project has also played a positive leading and demonstrative role in the initiation and promotion of other foreign-funded projects, which will further enhance the level and competitiveness of Shanghai International Financial Center.

The "Typical Cases of Innovation and Development in China's Pilot Free Trade Zone" released on the same day, based on the principle of "telling the story of Shanghai's free trade through typical enterprise cases", deeply excavated and refined the institutional innovation issues of Shanghai's pilot free trade zone over the past decade, and selected 100 innovative achievements that were pioneering reforms, leading openness, and integrated innovation.

This includes piloting the national treatment plus negative list management model before foreign investment access, achieving one-stop connectivity in Shanghai's international trade through the "single window", promoting high-quality development of the biopharmaceutical industry through the listing permit holder system, building a high-energy talent service complex in Pudong International Talent Port, taking the lead in promoting the "certificate and license separation" reform pilot, establishing a new mechanism for integrated market supervision in the Yangtze River Delta network, covering multiple fields such as investment management, trade regulation, financial opening up, shipping services, technological innovation, talent services, government function transformation, and serving national strategies. It comprehensively showcases the reform achievements in various aspects of the Shanghai Pilot Free Trade Zone over the past 10 years, with a focus on specific practices to solve bottlenecks in enterprise development.

The pilot project of joint venture between Chinese and foreign law firms is also an important innovative achievement mentioned in the "Typical Case of Innovative Development in China's Pilot Free Trade Zone". For a long time, Chinese law has limited the scope of practice of foreign law firms in their representative offices in China. Lawyers from foreign law firms are not allowed to issue formal Chinese legal opinions, hire Chinese professional lawyers, or establish partnerships with Chinese law firms. Chinese legal services can only be provided by Chinese lawyers, and foreign law firms can only provide foreign legal services. Once a party needs cross-border legal services, they often need to hire both Chinese and foreign lawyers to solve the problem. Chinese and foreign law firms can only provide clients with Chinese and foreign legal services separately during project cooperation.

Exploring the ways and mechanisms of close business cooperation between Chinese law firms, Hong Kong, Macao, Taiwan, and foreign law firms, and implementing a new model of joint venture and mutual assignment of legal advisors, is an important part of promoting the expansion and opening up of the legal service industry. It is also one of the first 23 measures for the expansion and opening up of the service industry in the Shanghai Pilot Free Trade Zone. On April 15, 2015, Baker&McKinsey International Law Firm was approved to establish a joint office between Beijing Fenxun Law Firm and Baker&McKinsey International Law Firm in the Shanghai Pilot Free Trade Zone. This is the first Sino foreign law firm joint venture office approved by the Shanghai Municipal Bureau of Justice, marking the official landing of the pilot work of Sino foreign law firm joint venture in the China Pilot Free Trade Zone.

The joint venture approach and arrangement enable both parties to work together to provide one-stop consulting and services for clients on international and Chinese laws, and also bring good prospects for both parties' existing Chinese business and long-term development worldwide, providing an opportunity to explore new clients. As of now, the offices jointly operated by 8 Chinese and foreign law firms are all located in Lujiazui, which has become one of the important achievements in the expansion and opening up of the Shanghai Pilot Free Trade Zone.

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