Shanghai FTZ ready to spread its model nationwide

The China (Shanghai) Pilot Free Trade Zone will name the first institutions that can replicate its model nationwide in the fourth quarter, a senior official of the zone said on Monday.

The aim is to boost interest and push reforms. It's a top priority for the zone that opened in September, Jian Danian, deputy director of the China (Shanghai) Pilot Free Trade Zone Administration, said.

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"It is the very first task for the zone to roll out a string of new institutions and policies that can be applied in other parts of the nation," Jian told reporters on the sidelines of the Shanghai Forum at Fudan University.

The zone's administration office may turn to some 30 new institutions to facilitate trade and liberalize the financial sector. The project aims to go national, Jian said.

An FTZ regulation is expected to be rolled out by the end of this year. The rule, together with the emerging proposals, is still subject to approval by various departments in the central government.

Along with the release of such policies is the modification of a negative list, an administrative approach taken by the zone that only lists restricted and prohibited projects for foreign investment.

There are 190 specific bans on the negative list. That will be shortened by a third in 2014. It indicates Shanghai's determination to deepen reform, Shanghai Vice-mayor Tu Guangshao said earlier this month.

Jian said the financial infrastructure of the zone has been properly established in terms of liberalization of interest rates, cross-border transaction of the yuan, and reform of a foreign exchange mechanism.

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