Shanghai FTZ proves a model for success

China Daily Updated:2017-06-26

But there are still challenges ahead for the Shanghai FTZ as it continues to grow.

"One of the major tasks in the near future is to become more closely linked to the country's Belt and Road Initiative, so that more companies can reach overseas markets," says Weng.

Again, figures showed that companies registered in the Shanghai FTZ have reported total trade volume of 333.9 billion yuan ($49 billion; 44 billion euros; ￡38.8 billion) with economies involved in the Belt and Road Initiative.

Breaking down the numbers, it was up to 60 percent of the total trade volume in Shanghai.

In the first quarter of this year it topped 95 billion yuan, up by 28.7 percent compared with the same period in 2016.

By the end of last year, companies registered in the trade zone had funded 108 projects in 25 countries related to the Belt and Road Initiative, which aims to connect Asia, Africa, the Middle East and Europe to the old Silk Road.

Another key area has been total investment volume, which reached 4.38 billion yuan, fueled by Belt and Road projects.

Shanghai Zhenhua Heavy Industries, for example, has changed its strategy from being a purely exporting company to funding projects.

So far, the group, which was one of the world's largest manufacturers of cranes and large steel structures, has invested in 14 economies involved in the initiative, Weng confirms. "To better participate in the project, the Shanghai FTZ will first seek smoother communication with the local governments," he says.

"We will perfect the infrastructure in Pudong, further complete the financial system and ensure multilateral trade, so that local consumers can have more choices of overseas products," he adds.

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