scholarly journals Shanghai Experimental Free Trade Zone

2020 ◽  
Vol 13 (3) ◽  
pp. 103-117
Author(s):  
V. Ya. Portyakov
Keyword(s):  
Free Trade ◽  
Hainan Island ◽  
Free Trade Zone ◽  
Operational Experience ◽  
Republic Of China ◽  
Free Trade Zones ◽  
Initial Stage ◽  
The Creation ◽  
Financial Transactions ◽  
National Practice

In 2013 the People’s Republic of China has entered the second stage of foreign economic openness. If at the first stage, which started in the late 1970s as an integral part of the overall reform policy, China focused primarily on attracting foreign equipment and technologies, knowledge, and capital, at the new stage, the sending abroad Chinese capital, goods, services, and technologies becomes at least an equal task. One of the most important elements of this stage is the creation of experimental free trade zones (EFTZ), designed to help China master the most advanced world rules and regulations for conducting trade, investment activities, and international financial transactions. The first such zone was created in 2013 in Shanghai. At the very end of 2014, EFTZ were established in Tianjin, Fujian and Guangdong. This event was followed by the creation of zones in 7 more provinces of the PRC (5 of which are in the inner and Western regions of the country). In 2018, Hainan island was declared a free trade zone, and in the summer of 2019 EFTZ were established in six other regions of China. China’s experimental free trade zones have been in existence for more than six years. They have accumulated a variety of operational experience, which is also being implemented in national practice and is partially reflected in this article. The article focuses on the Shanghai EFTZ. The article shows changes in its format and describes features of zone’s development at the initial stage of 2013‑2015, in the dynamic period of 2016‑2017 and in the context of complex external economic conditions (2018‑2019). This text was prepared on the basis of original Chinese‑language sources, including official statistical materials of Shanghai. Useful information was also obtained during a visit to the Shanghai EFTZ in April 2019, organized with the assistance of the Consulate General of the Russian Federation in Shanghai.

Evolution of Arbitration System under the China FTZ Template

2018 ◽  
Vol 01 (03) ◽  
pp. 1850018
Author(s):  
Liu Huichun
Keyword(s):  
Free Trade ◽  
Ad Hoc ◽  
Third Parties ◽  
International Arbitration ◽  
Republic Of China ◽  
Free Trade Zones ◽  
Judicial Practice ◽  
New Concepts ◽  
Interim Measures ◽  
Made In

The construction of China’s free trade zones (FTZs) has levered the evolution of the arbitration regime in the People’s Republic of China (PRC). Under the FTZ template, breakthroughs in arbitration have been made in regulations, FTZ arbitration rules, arbitral proceedings and judicial practice. The development of FTZ arbitration mechanism is highlighted with the introduction of new concepts, such as ad hoc arbitration consolidation of arbitration joinder of third parties and model cases, and with the updated or expanded interpretation of the existing concepts, such as permission for the offshore arbitration for WFOEs and FIEs interim measures arbitration in combination with mediation, and the open panel of arbitrators. Regardless of the progress, many issues related to the FTZ arbitration need to be clarified, among which is the amendment of the PRC Arbitration Law and keeping it in line with the mainstream international arbitration, constitute probably the most effective way to promote and guarantee the arbitration evolution.

scholarly journals Whether the Construction of the Free Trade Zone Will Help Improve the Total Factor Productivity of Enterprises-Evidence from Chinese A-Share Listed Companies

2020 ◽  
Vol 13 (3) ◽  
pp. 15
Author(s):  
Chao Zhou
Keyword(s):  
Free Trade ◽  
Listed Companies ◽  
Free Trade Zone ◽  
Mediating Effect ◽  
Patent Data ◽  
Factor Productivity ◽  
Free Trade Zones ◽  
Regulatory Effects ◽  
A Share

Since the establishment of the first free trade zone in Shanghai in 2013, as of 2018, China has successively established 13 free trade zones. This paper uses a multi-period difference method and uses the financial data of Chinese A-share listed companies to prove the construction of the FTZ help to improve the TFP of the enterprise. The annual patent data obtained by the company is used to empirically analyze the role of innovation as a mediating effect in the development of the FTZ. In the end, it is believed that the construction of the FTZ can improve the TFP of enterprises through intermediary effects and regulatory effects.

EFFECTS OF FREE TRADE ZONE POLICY ON CHINA’S INCOME DISPARITY

2020 ◽  
pp. 1-24
Author(s):  
HUIFANG CHENG ◽  
YI ZHANG ◽  
HONGYI LI
Keyword(s):  
Free Trade ◽  
Unemployment Rate ◽  
Low Income ◽  
Free Trade Zone ◽  
Eastern Region ◽  
Income Disparity ◽  
Empirical Results ◽  
Income Gap ◽  
Free Trade Zones ◽  
The Impact

The income gap between the rich and the poor is growing in China. The Free Trade Zone policy has been adopted in China over the past decade. We analyze whether the Free Trade Zone policy contributes to China’s income disparity based on a panel of provincial level data covering the period from 2009 to 2017. The empirical results show that the implementation of the Free Trade Zone policy has significantly reduced China’s income disparity between provinces, but different regions have different effects. The impact of this policy on the distribution of income has significantly narrowed the income gap in the eastern region. Meanwhile, the policy effect is long lasting, with the influence of the policy increasing over time. In particular, the establishment of Free Trade Zones in provinces with relatively low income, low trade dependence and low innovation capability is more conducive to narrowing the income gap. Furthermore, the establishment of Free Trade Zones in provinces with a relatively high unemployment rate has obviously decreased the income gap; however, in provinces with a low unemployment rate, the income gap has increased. Our empirical results are robust with different model specifications.

scholarly journals Evaluation of Land Intensive Use in Shanghai Pilot Free Trade Zone

Land ◽  
2019 ◽  
Vol 8 (6) ◽  
pp. 87
Author(s):  
Liangliang Zhou ◽  
Yishao Shi ◽  
Xiangyang Cao
Keyword(s):  
Land Use ◽  
Performance Evaluation ◽  
Free Trade ◽  
Index System ◽  
Free Trade Zone ◽  
Evaluation Index System ◽  
Evaluation Index ◽  
Industrial Land ◽  
Free Trade Zones ◽  
Intensive Land Use

Free trade zones represent an important system innovation space to realize economic agglomeration advantages with high-level openings. However, its evaluation of land intensive use has not received enough attention. The goal of this paper is to build a land use performance evaluation index system in line with the development trend of industrial economy and the characteristics of mixed land use in the free trade zones. An evaluation index system is constructed based on the three factors of land use status, land use efficiency and pilot free trade zone influence. Using the Delphi method and the entropy method, an empirical evaluation of the intensive land use level in the Shanghai Pilot Free Trade Zone is conducted. The results show the following: (1) integrating new indicators such as the free trade zone influence, social and ecological benefits into the evaluation index system show a characteristic and innovative land use evaluation; (2) in terms of the level of intensive land use, the Waigaoqiao Free Trade Zone has the highest intensity, followed by the Yangshan Free Trade Port Zone, and the Pudong Airport Comprehensive Free Trade Zone has the lowest intensity; and (3) development time, degree of land use, differences in leading functions, industrial land structures, and the diversification of employment structures are important factors that influence the differences in the levels of intensive land use in the Shanghai Pilot Free Trade Zone. This study also expands the performance evaluation of industrial land to the performance evaluation of construction land and provides references for industrial transformation and urban renewal of the Shanghai Pilot Free Trade Zone.

scholarly journals Comparative Advantages of Free Trade Port Construction in Shanghai under the Belt and Road Initiative

2020 ◽  
Vol 8 (1) ◽  
pp. 6
Author(s):  
Hao Hu ◽  
Shufang Wang ◽  
Jin-liao He
Keyword(s):  
Free Trade ◽  
Institutional Innovation ◽  
Free Trade Zone ◽  
Belt And Road Initiative ◽  
Free Trade Zones ◽  
Comparative Advantages ◽  
Belt And Road ◽  
Trade Port ◽  
The Belt And Road ◽  
Opening Up

As China’s opening-up grows wider under the Belt and Road Initiative, the exploration and construction of free trade ports have received increasing attention. In 2018, China’s first free trade port was settled in Hainan instead of Shanghai. In 2019, after the Lingang New Area of China (Shanghai) Pilot Free Trade Zone was approved by the central government, six new pilot free trade zones were launched in Shandong, Hebei, Heilongjiang, Jiangsu, Yunnan, and Guangxi provinces. As the bridgehead of the Belt and Road Initiative, Shanghai established the first and biggest pilot free trade zone in China and gained the priority of institutional innovation exploration in Lingang New Area. Whether and how Shanghai will lead the construction of free trade ports and the new round of higher-level opening-up has become a research agenda that requires further study. Based on the document analysis, competition analysis and factor analysis in this paper, the following results were drawn out: (1) The construction of a free trade port is an upgrade of the 18 free trade zones and the 50 cities involved, and it needs more high-level opening-up, more sophisticated services, more rigorous supervision, and more professional talent; (2) With its geographical location, economic foundation, development support, and industrial services, Shanghai has the potential, foundation, and momentum to explore institutional innovation in the construction of pilot free trade zones and free trade port; (3) Development basis, port shipping, talent attraction, service support, risk supervision and control are the five major comparative advantages and the important driving factors that need to be considered in exploring and leading the construction of China’s free trade port under the higher quality development of the Belt and Road Initiative.

scholarly journals Shanghai pilot free trade zone: A test for renminbi internationalization?

2017 ◽  
Vol 6 (3) ◽  
pp. 55-66
Author(s):  
Han Long
Keyword(s):  
Free Trade ◽  
Free Trade Zone ◽  
Control Mode ◽  
International Capital ◽  
Financial Reforms ◽  
Free Trade Zones ◽  
Risk Hedging ◽  
Set Up ◽  
Test Failure ◽  
Rmb Internationalization

China（Shanghai）Pilot Free Trade Zone (“SHFTZ”) as well as other Pilot Free Trade Zones established in China carries on the mission to make the test for, inter alia, China’s strategic financial reforms and for Renminbi(“RMB”) internationalization in particular. However, the financial reforms in SHFTZ according to its design and relevant provisions can only provide very limited rather than fully effective test for the reforms of free convertibility, international capital transactions as well as risk hedging needed by RMB internationalization. The aim of the paper is to investigate the test effect that SHFTZ have on the above capital account reforms. It argues that the main reason for the test failure lies in “outward free and inward control” mode designed for SHFTZ which makes it an insulated customs territory, a situation which differs from the circumstances in which a currency gets internationalized. Moreover, SHFTZ runs the risk of evolving into an offshore RMB market set up inside China, a trend China should prevent because it cannot serve the testing missions mentioned above.

scholarly journals ПЕРСПЕКТИВИ РОЗВИТКУ ВІЛЬНИХ МИТНИХ ЗОН В УКРАЇНІ

2020 ◽  
pp. 6-13 ◽  
Author(s):  
Р. О. Горбенко ◽  
І. В. Заблодська ◽  
Ю. С. Рогозян ◽  
Ю. Г. Дьякон
Keyword(s):  
Free Trade ◽  
Legal Framework ◽  
Free Trade Zone ◽  
Limiting Factors ◽  
Practical Significance ◽  
Optimal Conditions ◽  
Association Agreement ◽  
Free Trade Zones ◽  
Legal Provisions ◽  
The Impact

The need to create a free- trade zone with a significant level of trade liberalization in the framework of the implementation of the Association Agreement between Ukraine and the EU makes it necessary to research the current prospects for the development of free-trade zones in our country. The aim of the article is to research the development prospects of the free-trade zones in Ukraine in order to create the optimal conditions for increasing the level of investment attractiveness of regions and the country as a whole. The object of research is the development of free-trade zones in Ukraine. The methods used in the research are: methods of systematic, comparative and structural-logical analysis, graphical and abstract-logical methods. A research hypothesis was the assumption that ensuring the development of free- trade zones in Ukraine is possible through the introduction of reasonable changes in the regulatory framework for regulating their activities. Presentation of the main material: the order and features of functioning of free- trade zones in Ukraine are investigated; the current provisions of the national legal framework are analyzed, limiting factors and conflicts that hinder the development of free-trade zones are identified; developed recommendations for current legislation for the effective operation of free-trade zones in Ukraine; the scheme of movement and taxation of goods and services within the free-trade zone according to the presented recommendations is offered. The originality and practical significance of the research lies in the clear authentication of changes to the provisions of the current legal framework for the activities of free-trade zones in Ukraine, the implementation of which will create the optimal conditions for increasing the investment attractiveness of regions and the country as a whole. Conclusions and prospects for further research. Practice proves that the implementation of legal provisions on the activities of free-trade zones in Ukraine demonstrates the existence of economic and legal conflicts that prevent their effective development. To correct this situation and mitigate the impact of all existing threats on the Ukrainian trade system seems possible by making the proposed changes to the legal framework, the implementation of which will ensure the development of free- trade zones in Ukraine and create optimal conditions for increasing investment attractiveness of regions and countries in general.

Planning and Layout of Shanghai Yangshan Bonded Port Area Based on the Perspective of a Free Trade Zone

2019 ◽  
Vol 44 (3) ◽  
pp. 5-8
Author(s):  
Wence Yu ◽  
Hao Chen ◽  
Liqiang Yang
Keyword(s):  
Free Trade ◽  
Yangtze River Delta ◽  
Free Trade Zone ◽  
Cold Chain ◽  
Practical Significance ◽  
External Trade ◽  
Port Area ◽  
Yangtze River Delta Region ◽  
Initial Stage ◽  
Development Direction

In order to alleviate China's crisis of marginalization in international trade, combined with the development characteristics of the Shanghai Free Trade Zone, the development direction of the bonded cold chain business of Shanghai Yangshan Comprehensive Bonded Port Area was proposed. From a long-term perspective, a free trade zone integrating processing, logistics, finance, culture, and internal and external market trade was formed. By taking advantage of the huge consumption of imported food in the Yangtze river delta region, the policy advantages of Yangshan Port Area are exploited. Combined with the development of cross-border e-commerce, innovative experiences that could be replicated and promoted are formed. The results showed that the free trade zone is the development direction of the bonded port area. Therefore, the Shanghai Bonded Port Area should focus on the integration with the development of the free trade zone in the initial stage. This lays a solid foundation for the construction of the bonded port area as a comprehensive internal and external trade platform for ASEAN (the Association of Southeast Asian Nations) and the domestic market. Research on the planning and layout of trade zones can help plan the future development of trade zones and their direction. The trade zone is pre-controlled. The efficiency of future construction and upgrading of the bonded area is improved. It is of great practical significance to the current development and construction of the Shanghai Bonded Port Area.

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