The opening ceremony of China (Shanghai) Pilot Free Trade Zone (the "Zone") was held on September 29. Mr. Han Zheng, member of the Political Bureau of the CPC Central Committee and Secretary of the CPC Shanghai Municipal Committee, attended the ceremony and inaugurated Shanghai Free Trade Zone. Mr. Gao Hucheng, Minister of Commerce of PRC, and Mr. Yang Xiong, Mayor of Shanghai Municipality, jointly inaugurated the management committee of the pilot zone. Relevant principals from departments such as National Development and Reform Commission, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Transport, the People’s Bank, the General Administration of Customs, the State Administration for Industry and Commerce, the General Administration of Quality Supervision, Inspection and Quarantine, the Legislative Affairs Office of the State Council, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission also attended the ceremony.

Mr. Gao Hucheng made an address at the opening ceremony. He said that, the establishment of Shanghai Pilot Free Trade Zone was a major measure to carry out a more active and initiative strategy of opening under the new circumstances of reform and opening in China that followed the new trend of global economic and trade development; the major tasks were to accelerate the transformation of government functions, explore innovations in management modes, expand the opening of service industry, intensify the opening and innovation of financial sectors. This would accumulate new experience for a full and comprehensive intensified reform and expansion of opening, realize system innovation and exploration of new methods and was of great significance for inspiring economic vitality and creating system bonuses.

Mr. Gao Hucheng pointed out that, the Party Central Committee and the State Council had attached great importance to the preparation of the pilot zone, and specifically required to focus on system innovation and reform and opening in the pilot zone. In the course of formulating the overall plan of the Zone, the People’s Government of Shanghai Municipality and relevant departments of the State Council, in accordance with the requirements of the Party Central Committee and the State Council, had piloted early implementation with respect to transformation of government functions, reform of foreign investment management system, trial of negative list management mode, expansion of opening in service industry, innovation in methods of regulation and service, convertibility of RMB capital accounts, interest rate liberalization in financial markets and cross-border use of RMB, and realized major breakthrough. The Standing Committee of the National People's Congress had made specific decisions to authorize the State Council to temporarily suspend approval of relevant laws in Shanghai Pilot Free Trade Zone, which provides solid legal guarantee for the establishment of the Zone.

Mr. Gao Hucheng emphasized that, the Zone was faced with major tasks of implementation and Shanghai Municipality was expected to actively carry out various policies and measures and fully leverage on the advantages and features of abundant experience in reform and opening, large scale of open economy, wide connection in domestic and foreign economy, high clustering of internationalized enterprises to build a pilot free trade zone with standardized legal environment, investment and trade facilitation, efficient and convenient regulation and international level through two to three years of efforts. Meanwhile, it was required to enhance and improve risk prevention and control management, properly prevent various risks and construct an efficient and safe open economic system.

Mr. Gao Hucheng said, the Ministry of Commerce would, together with relevant departments of the State Council, continue to provide active supports for the construction of Shanghai Pilot Free Trade Zone and timely study and solve new circumstances and issues. It was expected that Shanghai Pilot Free Trade Zone would become a “test field” for China to promote reform and improve level of open economy, exert its role to be a model for, drive and serve China, promote co-development of all regions and formation of globally-oriented new competitive advantages of China and create an “updated version” of Chinese economy to make contributions to the Chinese dream of great revival of Chinese nation.

On the ceremony, representatives of enterprises and financial institutions that first settled in Shanghai Pilot Free Trade Zone were granted with licenses and certificates. After the ceremony, Mr. Han Zheng, Mr. Gao Hucheng, and Mr. Yang Xiong also visited the hall of “all-in-one affair acceptance” in the Zone.