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Foreign investment restrictions on manufacturing and certain services are to be eased at the China (Shanghai) Pilot Free Trade Zone this year.
The decision will in particular benefit financial services firms, with the affected areas set to include banking, securities fund management, securities brokerage, insurance and futures trading.
Measures are reportedly also under consideration that would increase foreign access to the accounting, construction, and credit rating sectors.
The Zone was created in 2013 and offers new companies a number of tax preferences. It comprises a bonded area, high-tech park, financial area, and an export processing zone.
With an area of 120 square kilometers, at the start of 2017, the Zone housed more than 37,000 enterprises, including 6,300 foreign-funded companies. Among them, more than 90 percent were established by registration-based procedures, instead of being examined case-by-case by authorities ahead of their final approval.
This follows an announcement that foreign invested firms in Shanghai had witnessed a profit increase of 12.3 percent year-on-year in 2016, coupled with a 5.5 percent revenue boost.
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