Shanghai is developing a free trade port. The city is also striving to become a scientific innovation center with global influence. The free trade port, based on the city’s pilot free trade zone, has entered the planning stage and will be implemented after approval from central government.
Earlier, the government approved a plan to further enlarge and enhance the China (Shanghai) Pilot Free Trade Zone in May. China’s Ministry of Commerce has announced the launch of seven more free trade zones – based on the success of Shanghai’s FTZ - taking the nation’s total to 11.
As for the scientific centre: Shanghai has planned a Zhangjiang Science City covering 94 square kilometers, which aims to be on a par with California’s Silicon Valley, Singapore’s One North science park and Japan’s Tsukuba scientific town, Shanghai Daily reports.
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