Shanghai edges closer to building a Hong Kong-style free port as it mulls experimental reforms
Shanghai mayor says moves are afoot to implement policies in a pilot zone before expanding reforms and technological innovations to planned free port
Shanghai will earmark an area for stress tests to pave the way for the city’s building of a free-trade port, the latest sign that the mainland’s commercial capital is looking to further open up its market.
Mayor Ying Yong told the annual session of the local People’s Congress on Tuesday that the area undergoing stress test aims to be a pilot zone to spearhead further economic reforms and technological innovations, without elaborating on the size of the zone or the time frame for the launch.
The zone will be similar to a Hong Kong-style free-trade port, an international-standard marketplace where free cross-border flows of commodities and capital are allowed, according to the mayor.
“Based on the Yangshan Deep-water Port and Pudong International Airport, we want to explore the potential of building a free-trade port,” Ying said as he presented the government’s annual report to the local legislature.
The plan to reserve an area for stress tests represents Shanghai’s initial efforts to create the free-trade port, said Chen Bo, a professor at Huazhong University of Science and Technology, who is an adviser to local governments including Shanghai.