A view of Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone. [Photo/VCG]

The municipal government of Shanghai released a set of 31 new measures on Thursday to be implemented in the China (Shanghai) Pilot Free Trade Zone, so that this test field for institutional innovation and higher level of opening-up can make more first attempts in aligning with high-standard international economic and trade rules.

The new measures aim to promote more innovation in trade in goods, further facilitate trade in services and provide more convenience regarding the temporary entry of business personnel. Replicable results should be achieved upon one year’s of implementation of these measures, said the municipal government.

In specific, imported goods for remanufacturing purposes should be conducted in key industries. Temporary entry of specific goods is not subject to tariffs, import value-added tax or consumption tax.

Companies registered in the Shanghai FTZ and individuals working or living in the zone will be allowed to purchase overseas financial services such as insurance and investment. The specific types of financial services to be made accessible under the new measures will be stipulated by the national financial regulatory bodies.

For the Shanghai FTZ-based overseas financial institutions, their application for conducting new financial services will receive feedback from the financial regulatory departments within 120 days, the same time limit provided to domestic financial institutions.

In the Shanghai FTZ, all the inward and outward remittance of transfers related to investments made by foreign investors will be allowed to flow freely as long as they are true and compliant.

The accompanying spouses and family members of experts who are transferred within the foreign-invested enterprises in the Shanghai FTZ are allowed to enjoy the same period of entry and temporary stay as the experts, according to the new measures.