Managing flood of foreign funds thanks to reform

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Shanghai has had success promoting foreign investment and expanding its pilot Free Trade Zone with much effort put into special management and supervisory systems.

The Shanghai Free Trade Zone, first inaugurated on September 29, 2013, established a foreign-funded business management system and had a policy of reforming areas in which foreign investment was not allowed. The FTZ has learnt from international investment rules, reduced and canceled restrictions on foreign investment access, simplified access management, and improved openness and transparency.

The registration and approval process to set up a foreign-invested company has been largely streamlined. The processing time was condensed from eight workdays to one, and no documentation is required. Meanwhile, the number of restrictive measures on the prohibited investment list has been cut from 190 to 45.

By June 2016, a total of 8,696 foreign-invested enterprises had been set up in the FTZ, with contract foreign investment reaching US$110.24 billion and paid-in foreign capital of accumulatively US$22.13 billion being committed to the FTZ.

In 2017, Shanghai FTZ achieved the newly-added actual foreign capital of US$6 billion, which is the highest among all 11 free trade zones throughout the country.

After the release of 54 measures on expanding the opening-up in services and manufacturing industries, Shanghai has implemented more than 2,600 projects  as at June 2018.

Also, a leading group for industrial security warning was set up in the FTZ, and a warning mechanism was launched covering 12 industries. Its influence can further spread to hundreds of companies in nearly 20 sectors.

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