Shanghai free zone to expand

Business | Staff reporter 7 Nov 2018

China will expand its Shanghai Pilot Free Trade Zone and capitalize on the important role of the city and surrounding areas in opening up its markets, Xinhua reported.

President Xi Jinping said China would encourage and support bold and creative steps by Shanghai to advance investment and trade liberalization so that more of its successful practices may be replicated in other parts of China.

Xi also revealed that the Shanghai Stock Exchange would launch a science and technology innovation board at the exchange and experiment with a registration system for listed companies.

The government would support Shanghai's efforts to position itself as an international financial center and a hub of science and innovation, and steadily improve the fundamental institutions of its capital markets, he said.

Meanwhile, e-commerce giant Alibaba said it plans to help global businesses sell US$200 billion (HK$1.56 trillion) in goods to China in the next five years, CNBC reported. "We hope through globalization to use China's consumer market to bring the whole world's goods to China," Alibaba chief executive Daniel Zhang said the Global Import Leadership Summit.

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