BEIJING, Aug. 6 -- China on Tuesday announced the expanding of its Shanghai free trade zone (FTZ) in its latest major strategic move for further opening-up.
The addition of the Lingang area is a major strategic decision made by the Communist Party of China Central Committee to further opening up, Vice Commerce Minister Wang Shouwen told a press conference Tuesday.
It also demonstrates China's clear stand to adhere to all-round opening up in the new era and an important measure taken to actively lead the healthy development of economic globalization, Wang said.
The new Lingang section will match the standard of the most competitive free trade zones worldwide and implement opening-up policies and systems with strong global market competitiveness, according to an overall plan for the new Lingang area of the China (Shanghai) Pilot Free Trade Zone issued by the State Council, or the cabinet.
Lingang, with a start-up area of 119.5 square kilometers, will facilitate overseas investment and capital flows and realize the free flow of goods, according to the plan.