City unveils measures to boost FTZ

Shanghai on Wednesday outlined new rules from the State Council for free trade zones, including multiple land use, accelerated approval for inbound artworks and the promotion of local financial institutions to provide overseas agencies with yuan derivative products.

The changes set the stage for further liberalization in the city’s pilot free trade zone.

A total of 59 measures to optimize the business environment, facilitate free trade, promote the opening-up and innovation of the financial sector and the innovation of human resources incentives will take effect at the end of the month, the city government said.

Foreign human resources agencies are no longer required to have more than three years' experience before qualifying to open businesses in Shanghai.

There is also no more ratio requirement for foreign technicians among the total employees in a foreign engineering design firm.

And Hong Kong, Macau and Taiwan construction enterprises will be treated the same as mainland firms.

The new rules also support Pudong International Airport becoming the designated port of parallel-import vehicles and the Yangshan Deepwater Port as the bonded area for the warehousing of the vehicles.

The program, unlike traditional car importing, does not require auto dealers to import strictly from carmakers.

Separately, stem cell production, quality inspection and research platforms will be established in the Shanghai FTZ, together with accelerated approval for clinical tests of overseas-marketed stem cell products.

The Shanghai FTZ will optimize the trading mechanism of the Shanghai-Hong Kong stock connect program and promote Shanghai-London stock connect.

Individuals in the Shanghai FTZ will be allowed to carry out overseas securities investment.

The Shanghai FTZ will also support more eligible banks to carry out direct settlement of yuan and New Taiwan dollars.

Flexible working, including hiring extra workers at busy times, short-term employment and temporary jobs for research and development will be encouraged, while more incentives will be introduced to attract foreign students to work in Pudong.