The China (Shanghai) Pilot Free Trade Zone (FTZ) is set to embark on a new phase of deeper reforms and higher-level opening-up.

At a recent forum in Shanghai, Chen Yanfeng, deputy director of the Shanghai Municipal Development and Reform Commission, outlined plans for the future development of the Shanghai FTZ.

The aim is to align with international trade standards, improve business environment, and strengthen its role as a hub for economic reform and openness.

Since its inception in 2013, the Shanghai FTZ has been a trailblazer, contributing over half of the 485 national-level FTZ innovations. These efforts have set benchmarks for other regions and demonstrated the FTZ's role as a testing ground for reforms.

Chen emphasized the need for the FTZ to focus on investment openness and trade facilitation. This includes implementing specific guidelines for cross-border trade, enhancing services trade, and testing broader openness strategies. The FTZ will also explore new trade models and expand pilot projects for foreign shipping and international ship fuel services.

Additionally, the FTZ plans to strengthen financial services, implement data security measures, and attract global talent. The focus will be on developing industries like integrated circuits, biomedicine, and high-end manufacturing, leveraging innovation to drive industry-wide advancements.

Gao Rongkun, a former customs official and current free trade strategy researcher, highlighted the importance of both external engagement and internal reform. He stressed the need to address challenges such as digital data flows and environmental standards.

"The Shanghai FTZ has truly transformed its experiments into a strong signal to the world, demonstrating China's determination to continue expanding its openness in the new era," said Zheng Yi, president of the American Chamber of Commerce in Shanghai.

Zheng noted that the FTZ's reforms have led to clearer policies and stronger market confidence for foreign businesses. Recent surveys show increased profitability and improved perceptions of the regulatory environment among American companies in China.

Zheng suggested further expanding market access in the fields of finance, healthcare, and communications, enhancing policy transparency, and strengthening intellectual property protections. These steps align with China's broader goals of high-level openness and reflect the positive outlook of foreign businesses eager to take advantage of China's growing economy.