The Shanghai municipal government has released on April 27, Monday, more details on the expansion of the China (Shanghai) Pilot Free Trade Zone (FTZ), whose total area was increased from the original 28.78 square kilometers to 120.72 square kilometres, the Global Times reported.
During a press conference held by the local government, Sun Jiwei, deputy director of the China (Shanghai) Pilot Free Trade Zone Administration, said that other than the original zone, the FTZ now also covers the Jinqiao Development Zone, Lujiazui Financial District, and Zhangjiang High-tech Zone.
The report said that the government will set up five bureaus to manage the FTZ's bonded zone, including the Jinqiao, Lujiazui, Zhangjiang and Expo park districts.
Sun said during the conference that the FTZ administration and Shanghai Pudong New Area People's Government will be merged to manage the FTZ, an innovation in government functions that will be helpful in coordinating resources.
Zhu Min, spokesman for the FTZ administration, said during the press conference that the total number of enterprises in the expanded FTZ has reached over 73,900 and more than 16,300 foreign companies.
Zhu added that 833 foreign companies were newly added to the original 28.78 square kilometers of the zone during the first three months this year, with an average increase of 270 per month, which is higher than 170 per month in 2014.
According to Zhu, the number of firms engaged in advanced manufacturing, finance and technical research has increased significantly after the expansion, which is valuable in improving the FTZ's industrial structure.
FTZ regulators will soon deepen reforms as a next step, including promoting the experience to other areas, according to a statement released during the conference.