More than 200 Companies Registered at Shanghai’s Free Trade Zone after a Month of Operations

More than 200 Companies Registered at Shanghai's Free Trade Zone after a Month of OperationsBy October 28 statistics showed that there are 208 newly registered companies at the Shanghai Free Trade Zone only a month in since its operations was launched. The 208 newly registered companies consist of 20 foreign companies, 122 are in trade, 36 concentrates on investment and capital management while the remaining companies are Chinese. These registered companies brought the total registered capital to more than 3.5 billion yuan.

The number of newly registered is still rising and 1,528 companies have already started the name approval process which is the start of the registration process. Based on the free trade zone plan there are 23 opening up policies to be adopted that covers six industries. During the month of trail operations 12 policies have already been implemented and 7 more will be placed to effect. Four policies based on banking, legal services and cargo transportation is still waiting for approval and detailed regulations from the central government.

As of the moment 23 financial institutions were given the go signal to operate in the free trade zone. State owned banks have already set up their branches in the free trade zone while overseas banks are already been given the approval to set up their offices in the free trade zone as well. The free trade zone administration committee also said that the zone is working closely with the central bank and the financial regulatory authorities to finalize its regulatory policies in the free trade zone.

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