China to expand Shanghai FTZ policies nationwide

BEIJING - China's cabinet announced on Thursday that some preferential policies piloted in the Shanghai free trade zone (FTZ) will be expanded nationwide.

The State Council said in a circular that the rest of the country will be allowed to adopt 22 measures on investment, foreign trade, finance, service and government supervision by June 30 at the latest.

Six customs measures will be expanded to more than 100 "customs special supervision areas" across China by the same date.

The policy expansion will enable foreign investors to do business in a wider scope with lower thresholds and less restrictions.

The measures have proven successful in the Shanghai FTZ and can be duplicated in other places, the State Council said.

"The government should refrain from too much intervention and let market forces play a decisive role," noted the circular.

The Shanghai FTZ was launched in September 2013 to test a broad range of economic reforms.