The China (Shanghai) Pilot Free Trade Zone has largely completed the trial implementation of 80 measures aimed at aligning with high-standard international economic and trade rules, the Ministry of Commerce announced on June 19.

The ministry’s statement added that the experience gained from the FTZ would now serve as a reference for broader national reforms.

Over the past year, the Shanghai FTZ has implemented the pilot measures, resulting in several leading institutional innovations and best practices, minister spokesperson He Yadong, told a news conference.

The progress offered an "FTZ solution" for steadily expanding institutional opening-up.

During the news conference, He highlighted specific achievements. These included the implementation of a streamlined customs clearance model, which led to the establishment of an international transshipment and consolidation center by Danish global container shipping and logistics giant Maersk.

It's estimated that the initiative has reduced transshipment times by 50 percent.

In addition, the Shanghai FTZ has pioneered the implementation of high-standard digital trade rules, with the release and implementation of a negative list for data export focusing on the reinsurance, international shipping and trade sectors.

He noted that these efforts had facilitated the secure and efficient cross-border flow of data.

In the area of government procurements, the Shanghai municipal government procurement cloud platform has launched a window.

It's showcasing benchmark projects, with over 2,200 procurement projects for goods, services and construction projects carried out according to high-standard rules, with more than 1,000 projects published in both Chinese and English.

The spokesperson said that the ministry would work with local governments and relevant departments to leverage the experience gained from the Shanghai FTZ pilot program.

"We will prioritize the implementation of pilot measures that are urgently needed by enterprises and the public, fully releasing the dividends of institutional opening-up," He said.

"While guarding against risks, we will support the FTZs in fully leveraging their role as a comprehensive experimental platform for reform and opening-up, promoting deeper reform and high-quality development through high-level opening-up," the spokesperson added.

Source: Jiefang Daily