New FTA in Shanghai sees fast growth

More than 20 companies in the cultural industry have been registered in the China (Shanghai) Pilot Free Trade Zone since it was officially established one month ago.

Among the newly registered companies are Huayi Brothers Media Group, Christie's, China National Publications Import and Export (Group) Corporation, Shanghai Oriental Pearl (Group) Co Ltd and Shanda Interactive Entertainment Ltd.

Ever since the State Council approved the establishment of FTZ in July, the National Base for International Cultural Trade, which is located in the zone, has received more than 300 inquires about setting up branches. More than 150 cultural companies have been registered in the base.

The registered capital of the companies in the base is more than 2 billion yuan ($382 million). A number of companies are planning to set up subsidiaries in the FTZ and expand with future investment. It is expected that the additional investment will be worth another 2 billion yuan, according to Ren Yibiao, CEO of Shanghai Oriental Huiwen International Cultural Service Trading Co Ltd, the operator of the base.

The base was responsible for all the services for Christie's first auction in Shanghai.