Business / Economy

PBOC: Policies in pilot free trade zone 'very soon'

By Gao Changxin in Shanghai (China Daily) Updated: 2014-02-15 08:04

The Shanghai FTZ was launched in September as a trial site for reforms, with successful ones to be duplicated elsewhere in China.

PBOC: Policies in pilot free trade zone 'very soon'

Shanghai FTZ measures to be rolled out

FTZ inspection mechanism on the drawing board

Companies have flocked to the zone in search of reform benefits, with 1,434 enterprises registered in the first 35 working days, including 38 foreign companies.

Many of those companies subsequently found that they couldn't proceed with their business plans because the rules governing the zone were too vague.

By design, economic rules in the zone are supposed to be phased in and constantly revised so that the government will see what works and what doesn't.

But many had complained that the government was moving too slowly. The government, in response, has worked more quickly to provide businesses in the zone with a clear set of rules.

The Shanghai municipal government is reviewing the zone's negative list, which covers the businesses that are either barred from foreign investment or that require advance approval.Revisions are to be announced in the first half of the year.

The 29 square kilometer enclave is growing in economic vigor as businesses get a clearer idea of what they can do and can't do.

Customs figures released on Wednesday show exports from the zone grew 5.2 percent to 15 billion yuan ($2.5 billion) in January, compared with October, when the zone began operations. Imports rose 1.5 percent to 44.5 billion yuan.