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The China (Shanghai) Pilot Free Trade Zone has become a hub for foreign innovators, such as Adobe, which established its Shanghai branch in the area dubbed as a test ground for China’s key economic and financial reforms.
The American software giant, headquartered in San Jose, California, has moved its Shanghai office to the free trade zone as a stronghold of its east China business.
The zone, which covers about 121 square kilometers, comprises the Lujiazui financial hub, the Jianqiao manufacturing zone, the Zhangjiang high-tech base and the three bonded areas of Waigaoqiao, Yangshan and Pudong International Airport.
Adobe’s senior managing director for China Yew Hwee Ng said the zone was an ideal base for Adobe to bring the latest technology and digital experience to Chinese users as soon as possible.
The establishment of Adobe Shanghai marks another step in the company’s China strategy. Based in Shanghai and East China, Adobe says it will follow China’s national strategy and flexibly respond to the needs of the mainland market through the policies of the free trade zone as well as its first-mover advantage to provide customers with the best products and solutions to optimize their digital experience.
The Shanghai pilot free trade zone, indeed, offers multinationals easier access to the vast mainland market. About 90 percent of total foreign investment of US$4 billion that Pudong attracted in the first half has gone to the area, while altogether 8,781 foreign-funded companies have been set up there.
Officials of the Shanghai free trade zone say measures are being studied to further open accounting, construction and credit rating services to foreign capital.
As China's first pilot free trade zone, the Shanghai FTZ was opened in 2013 as the test bed of new economic and financial policies, such as the negative list for foreign capital management, which defines sectors in which foreign entities can not invest, and the wider convertibility of the yuan and its cross border payment.
China expects Shanghai to make the zone world class, with liberalized trade and investment, no hidden or opaque rules, fair and efficient supervision, as well as welcoming business environment by 2020.
The FTZ is expected to set up a mechanism in line with the international investment and trade rules by 2020, according to a plan released by the State Council.
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