Experts laud role of free trade zones

China's free trade zones, with Shanghai as a pioneer, have made significant progress, and will better perform the key goals entrusted to the zones by the country, experts said at a forum on Saturday.

The forum was hosted by the Shanghai University of Finance and Economics to highlight the accomplishments and explore new frontiers for the Shanghai FTZ, which celebrates its 10th anniversary of establishment this year.

"As the first FTZ launched in China, Shanghai has spent the past decade pursuing institutional innovation and benchmarking best practices," said Xiao Guiyu, vice-chairman of the Shanghai CPPCC.

The Shanghai FTZ has boldly pioneered groundbreaking efforts for business development, and consistently delivered outcomes that effectively support national strategies by maximizing comprehensive benefits, according to Xiao.

Gao Rongkun, director of Shanghai Customs, mentioned the necessity of prioritizing alignment with international trade norms, establishing best-in-class business climates, facilitating industry participation in trade, nurturing innovation, and strengthening outward influence.

"By addressing bottlenecks and institutional barriers, we can strengthen opening-up and propel the high-quality growth of FTZs," he said.

Zhang Guohua, deputy director of the Shanghai Municipal Commission of Commerce, cited priorities around boosting services trade promotion, accelerating related sector digitization, and mitigating emerging digital trade risks.

"Bold initiatives are needed to raise FTZ standards in these areas," he added.

Noting Shanghai's pivotal role in the Belt and Road Initiative, Zhao Xiaolei, dean of SUFE's FTZ Research Institute said that while the BRI primarily focuses on overland connectivity, FTZs constitute an important marine strategy. The two shall collaborate to fully interconnect the domestic and global markets.

Shanghai's dual strengths in connectivity and platform-building could be leveraged further, given the city holds one of the world's largest seaports and airports as well as open platforms.

"Precision innovation targeting industry needs will boost enterprises and our open, cooperative development model," Zhao said.

Zheng Zheng contributed to this story.