China News Service Shanghai October 20(Miaolu) Expansion of Shanghai Pilot free trade zone has been expanded for more than 2 years. The number of newly added enterprises in Lujiazui area are 8,077, which is twice as the total number of newly introduced enterprises in the last two years (from January 2013 to March 2015 before expanding zone, the total number of new enterprises was 4,010).
On April 27, 2015, Shanghai Free Trade Zone
is extended from the initial 28.78 square kilometers to the current 120.72 square kilometers. It is expanded from the original comprehensive bonded zones to the Lujiazui Financial Zone, Jinqiao Development Zone, and Zhangjiang High-tech Zone three large zones.
According to the introduction of He Jianmu who is a deputy director in Lujiazui administration Office of Shanghai Free Trade Zone on 20th, during more than two years period, Lujiazui Zone introduce domestic and foreign enterprises registered capital of 1.0164 trillion yuan, which is 3.56 times as expanding zone total investment (285.1 billion yuan) for more than 2 years. Among them, the cumulative foreign investment attracted $12.341 billion, which is 2.59 times as it for more than two years before expanding zone (It is $47.65 billion at that time).
He Jianmu showed that the achievements of the Lujiazui zone in the past two years have benefited from the reform and development policies of the Free Trade Area. For more than two years, Lujiazui actively promote market access and services, opening to the outside world, attracting and collecting all kinds of institutions. Enhance the regional core functions and explore the boost of opening and innovation in financial field for the precondition of preventing regional financial risks.
In view of the expansion of the service industry and the innovation of foreign enterprises, the Lujiazui zone has produced a number of typical cases in China firstly. According to the negative list of 2015 version, Aberdeen Asset Management Group has breached the limits of foreign-owned asset management companies’ establishment in September 2015, officially settled in Lujiazui, becoming China's first wholly foreign-owned asset management companies. At present, United States, Britain, France, Japan etc., more than 10 countries of the 28 well-known asset management establish institutions in Lujiazui Zone of Shanghai Free Trade Zone (including eight assets under management of the world's top ten, the top 50 of the world's are 17).
In addition, the mainland's first joint venture under CEPA (the arrangement for closer economic partnership arrangement) is a joint venture that is full of licensed securities companies-Shenzhen Hong kong securities settled in Lujiazui. The first office in China was established in Lujiazui by a Chinese and Foreign Law Firm (Baker & McKenzie International Law Firm and Beijing Fenxun Law Firm). China's first approved foreign-funded operational vocation skills training institution, PWC Business Skills Training (Shanghai) co., LTD. registered in Lujiazui.
Furthermore, the effect of Free Trade Zone has further promoted institutional agglomeration, which has greatly enhanced the core function of Shanghai World Financial Center and Shanghai International Shipping Center. By the end of August 2017, there were 812 licensed financial institutions in Lujiazui Zone, with 75 of them since the expansion of the Free Trade Zone. Shipping agencies is 1206, and 132 have been added since the expansion of the Free Trade Zone.