More firms register in Shanghai pilot FTZ

Authority statistics show that there were 208 newly registered companies in the China (Shanghai) Pilot Free Trade Zone by Oct 28 in the first month of its operation since it was launched.

Among the 208 newcomers, 20 of them are foreign companies and the rest are Chinese. The total registered capital of newly registered companies in the area amounted to more than 3.5 billion yuan ($574.77 million) by Oct 25, according to the latest statistics provided by the Shanghai Administration for Industry and Commerce.

Of the total, 122 are engaged in trade and 36 focus on investment and capital management.

The number of newly registered companies continues to rise. A total of 1,528 companies have entered the name-approval procedure, which marks the start of the registration process.

According to the FTZ's framework plan, 23 opening-up policies will be adopted, covering six industries. In one month, 12 policies have been implemented and another seven are about to be put into effect. Another four policies regarding cargo transportation, banking and legal services are waiting for detailed regulations and approval from the central government.

So far, 23 financial institutions have been approved to operate in the FTZ. Five State-owned commercial banks, as well as Shanghai Pudong Development Bank, China Merchants Bank and Bank of Shanghai have set up branches in the FTZ. Four overseas banks including Citibank, DBS, HSBC and Bank of East Asia have also been approved to set up FTZ branches.

Dai Haibo, deputy director of the zone's administrative committee, was quoted as saying by Xinhua News Agency that the FTZ is closely working with the central bank, financial regulatory authorities and the Shanghai Financial Services Office to complete the financial regulatory policies in the FTZ.