- Group: China Investment Emigration Forum | 投资移民论坛
- Subject: Shanghai Free Trade Zone Formally Approved
1.Shanghai Free Trade Zone Formally Approved
The establishment of a pilot free trade zone in Shanghai, the first of its kind on the Chinese mainland, has been formally approved by the State Council, the Ministry of Commerce said in a statement posted on its website on 22nd Aug.
The establishment of the 28.78-square-kilometer zone, which will consist of four separate zones under the special administration of customs, paves the way for China’s future economic development and will boost the country’s global competitiveness, experts said.
Full text: http://www.fdi-law.com/en/view.php?id=2684
2.Legal Framework for Shanghai Free Trade Zone
It’s first step to set up a new financial architecture as the country pursues a new round of reform.
An executive meeting of the State Council said that a draft plan to suspend certain laws in the Shanghai Free Trade Zone will be submitted for the approval of the National People’s Congress.The measure was expected to ease the administrative approval procedures for foreign investment. It’s also a first step in setting up a new financial architecture as the country pursues a round of economic reform.
Full text: http://www.fdi-law.com/en/view.php?id=2683
3.Foreigners Levied Bigger Fines Under New Exit-entry Law
Shanghai fined and punished more than 500 foreigners for illegally staying in the country after China imposed its new exit-entry law in July, according to statistics provided by the city’s immigration inspection department.
From July 1 through Aug 10, 534 foreigners had illegally entered or overstayed their visas. More than 380 of them were found by the border inspection department at Shanghai Pudong International Airport.That is an increase of 150 percent on the same period the previous year, the figures showed.
Full text: http://www.fdi-law.com/en/view.php?id=2681