Shanghai granted free trade zone status

Shanghai has been granted official approval from Beijing to establish the largest free trade zone on the Chinese mainland. The move brings Shanghai a step closer to becoming a global financial trade and maritime hub.

The approval of Shanghai as a free trade zone is seen as a possible trial run by the central government, and the plans to launch major economic reforms are seen as part of the attempts to boost economic growth and to reduce the country's dependency on the export industry.

A general plan for operating the free trade zone, which covers 28.78 square kilometers in the Waigaogiao, Yangshan, and Pudong districts in Shanghai, has not yet been made public. The plan is still awaiting the approval of changes to a series of laws, to legalize certain aspects, according to a statement from the Chinese Ministry of Trade, writes newspaper South China Morning Post.

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