Twelve companies signed agreements on November 19 to start business in the Shanghai free trade zone (FTZ). The deals include many firsts: the first foreign performance brokerage firm, the first joint-venture aircraft manufacturer, the first foreign vocational psychological training institute, and the first foreign financial education institute. “We are glad to become the first foreign financial education institute on the Chinese mainland, thanks to the FTZ’s opening-up policy,” said Zhong Ke, General Manager of IfFP Shanghai, set up by the Zurich-based Institute for Financial Planning. IfFP Shanghai, which will be based in Jinqiao, will conduct training sessions for financial professionals and students.

Travelex, the world’s largest currency exchange network that is based in London, also signed an agreement to set up its Asia headquarters in the FTZ. “As the world’s leading international financial center, Pudong has favorable financial environment as well as full supporting facilities and policies,” said Cameron Hume, Managing Director of Travelex Asia. Shanghai will be the center for its Asian operation, he said. Other companies to sign deals included China-Russia Commercial Aircraft International Corp — a joint venture between the Commercial Aircraft Corp of China and United Aircraft Corp of Russia, which is jointly developing the CR929 long-haul jet — as well as the Sweden-based Elekta, which will launch a new radiation therapy system featuring field magnetic resonance technology in China.

The Pudong New Area also launched a “service specialist” scheme that offers efficient and tailored services. A service specialist will be dispatched to serve a single company and help in resolving all kinds of difficulties, said Wang Hua, Deputy Director of Pudong. Four supportive teams made up of officials from various government bodies will assist the specialists in dealing with business development, planning and construction, policy consultation, and talent services, Wang said. The FTZ’s opening-up measures helped to attract 340 service companies from January to October. The FTZ has attracted a total of 2,744 companies to set up offices. Wholly foreign-owned hospitals, certification bodies and vocational training institutes have been allowed in the FTZ along with the 38 newly opened business sectors to foreign investments. Nearly 300 regional headquarters of multinational corporations are based in Pudong, accounting for 45% of the city’s total, the Shanghai Daily reports.

Tianjin in northern China is also stepping up its efforts to build a high-standard pilot free trade zone and apply for the establishment of a free port to further drive the joint development of the Beijing-Tianjin-Hebei region. The Chinese government also announced new policies to lower the threshold for foreign investors in FTZs in sectors that include construction, healthcare and financial services. They constitute 39 general policies for all 12 zones and 14 specific measures for certain zones, such as those in Zhejiang and Fujian provinces. Foreign carriers will be allowed to offer passenger and cargo services from Zhengzhou, Henan province, and Xian, Shaanxi province, both capitals of provinces with pilot FTZs, to other countries.

China has set up 12 FTZs over the past five years. The Chongqing Pilot Free Trade Zone will set up a special port for drugs and biological products imported for the first time. The total volume for imports and exports in China’s pilot FTZs reached CNY2.6 trillion in 2017, or 9.35% of the country’s total.