The State Council Published a Plan to Systemically Promote Institutional Opening-up of Shanghai Free Trade Zone
ISSUING AUTHORITY:
The State Council
DATE OF ISSUANCE:
December 7, 2023
EFFECTIVE DATE:
December 7, 2023
On December 7, 2023, the Notification on Issuance of Overall Plan for Promoting High-Level Institutional Opening-up of China (Shanghai) Pilot Free Trade Zone in Full Compliance with International High-Standard Economic and Trade Rules (the “Overall Plan”) was published on the website of the Government of the People’s Republic of China.
The Overall Plan contains 80 provisions involving 8 aspects. It is specified that trade in services will be further expanded and promoted; more efforts will be made to make trade in goods further liberalized and facilitated; high-standard digital trade rules will be implemented; intellectual property protection will be strengthened; reforms in government purchase and in state-owned enterprises and labor rights and interests protection and environmental protection will be advanced; risk prevention and control will be better established. In accordance with the Overall Plan, digital identity cross-border authentication and electronic identification is encouraged; financial institutions are allowed to transmit data necessary for daily operation overseas within the systemic framework; the centralized operation and management policies for cross-border funds of multinational companies will be optimized. The Overall Plan also sets forth the requirements for commercial password product management, facilitation of customs clearance, cross-border transfer and opening up of data, procedures and management for government purchase, and reforms in state-owned enterprises.
Reference:
