State Council calls for expansion of Shanghai free trade zone policies

The State Council has announced a list of policies from Shanghai’s free-trade zone that it says should be replicated elsewhere in the country, South China Morning Post reported, citing a statement on the website of China’s cabinet. These policies included simplified approval for overseas investments, looser regulations on cross-border cargo flows and currency conversion as well as increased access for foreign service firms to the mainland market. However Zhao Xiaolei, head of Shanghai University of Finance and Economics’ FTZ research institute, said the announcement “appeared to be a general guideline without detailed measures on how and where to expand the Shanghai policies”.