FDI in Shanghai Pilot Free Trade Zone hots up as Uber arrives

Shanghai Pilot Free Trade Zone1,959 foreign-funded enterprises – including the Uber transport network – set up business in the Shanghai Pilot Free Trade Zone (FTZ) in the first eight months of 2016, China’s Ministry of Commerce Spokesman Shen Danyang said last week, taking the contract value for the FTZs registered above the $30bn mark for the first time. In the same period, Chinese firms based there have signed almost 600 investment deal with a total value of $30bn U.S. dollars, he said.
Loosely modelled on Hong Kong Shanghai’s FTZ is the first free trade area in mainland China. The decision to establish the zone was taken in 2013 and was personally endorsed by Premier Li Keqiang, who said he wanted to make the zone a blueprint of how China could upgrade its economic structure. At the end of last year, Beijing also gave approval for FTZs to be established in Tianjin, Guangdong and Fujian.

Source: xinhuanet