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Industry news
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Shanghai FTZ Eyes More Cuts of Approval Procedures (2015)
Date: 2016/9/4 22:35:46 Views:

The Shanghai Free Trade Zone Administration will review 20 approval items and decide whether to drop them so that companies don’t need to have both license and permit to do business.
Shen Xiaoming, director of the Shanghai FTZ Administration and the Party secretary of Pudong New Area, said they found 192 kinds of official permits are still used in the service and construction sectors. Some of these can be abolished after review.
Removing unnecessary permits will enable the government to improve its administration and services, Shen said.
The Pudong government has started the trial of project supervision by architects and the system of authorized persons in construction projects.
Companies that have obtained the land use right only need to do paperwork at three counters in the same building to obtain official approval for their building projects. Pudong currently has 291 government offices that offer one-stop shop services for enterprises.
Pudong also introduced 10 innovative policies after the Shanghai FTZ and Zhangjiang National Innovation Demonstration Zone published their joint development plan on November 25. One of the policies covers authorized marketing of medicines and has obtained approval from the Standing Committee of the National People’s Congress. Germany pharmaceutical company Boehringer Ingelheim has been selected as a contract manufacturer.
More than 400 companies in Zhangjiang area of Shanghai FTZ have opened over 1,000 free trade accounts for overseas capitals, mergers and acquisitions. Zhangjiang has more than 380 venture capital firms with about 180 registered after Zhangjiang merged with Shanghai FTZ.
Pacific Properties Insurance cooperated with Zhangjiang High-Tech Park to offer China’s first insurance for business start-ups against risks.
Officials said financial innovation in Shanghai FTZ will focus on ways to facilitate cross-border transactions in yuan and mutual opening of capital markets with foreign countries.

 

(Source: the official website of Shanghai Pilot Free Trade Zone)