Related laws suspended in Shanghai FTZ
BEIJING - The State Council agreed on Friday to submit a draft document that will suspend some laws concerning the establishment and changing of foreign-invested enterprises operating in the Shanghai free trade zone.
The State Council will be authorized to suspend the laws, as well as laws concerning Chinese-foreign joint ventures and Chinese-foreign cooperative enterprises operating in the Shanghai free trade zone and other similar zones, according to the draft, which will be submitted to the Standing Committee of the National People's Congress (NPC), China's top legislature, for deliberation.
The decision will facilitate changes in the free trade zone's function, as well as promote opening-up, Premier Li Keqiang said at Friday's executive meeting.
The State Council approved Shanghai's free trade zone trial on July 3. Other coastal cities like Tianjin and Xiamen are planning their own trials.
In the trial zone, goods can be imported, processed and re-exported without the intervention of customs authorities.
