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China (Shanghai) Pilot Free-Trade Zone

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China (Shanghai) Pilot Free-Trade Zone
China (Shanghai) Pilot Free-Trade Zone is a free-trade zone launched in Shanghai, China on September 29, 2013. It is reported that there will be revolutions in finance, social service, cultural service, shipping and professional business services.
There are several characteristics of this FTZ (Free-Trade Zone). Firstly, this FTZ focuses on function innovation and this is different from other bonded areas in China which focus on special policies. Secondly, this FTZ is different from the Singapore Freeport mode. Singapore Freeport mode is characterized by the development of policies and systems in Freeport, including the freedom of trade, finance exchange and shipping. Even though China (Shanghai) Pilot FTZ draws international practice, the main purpose is promoting reform and accumulating experience for reform in nationwide. Last but not least, this FTZ is a national strategy which is not limited to general industry cultivation, investment and economic development. Actually, it intends to improve system of investment management, finance, shipping and trade at multi-levels.
When it comes to the background, it is noticeable that China has become the second largest trading nation in the world since entering WTO. In order to strengthen its status in the trade, America tries to establish another trading organization which excludes China. America established TPP (Trans -Pacific Partnership Agreement) with countries situated around Pacific Ocean and TTIP (Transatlantic Trade and Investment Partnership) with EU. Besides, it set up PSA in the world and has included 21 countries. However, all of theses agreements set China aside and the only way for China to take part in the game is opening three main industries (agriculture, industry, services) in all dimensions. Nevertheless, if China opens the agricultural market, it means the government will bear really heavy financial burden to support local peasants as many agricultural products are priced higher than average level
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