China approves pilot free trade zone in Shanghai

BEIJING - China's State Council has approved the establishment of a pilot free trade zone in Shanghai, according to a Ministry of Commerce statement on Thursday.

Covering 28.78 square kilometers, the new zone will be built on the basis of existing bonded zones -- Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone.

The pilot zone is a crucial move in adapting to global economic and trade development and imposing a more proactive opening-up strategy, said the statement, adding it will help explore a new path for China's opening up, speed up transformation of government functions and promote economic restructuring.

Experiences gained from the pilot zone are expected to be copied in other parts of the country, according to the statement.

The zone will help foster China's global competitiveness and serve as a new platform for the nation's cooperation with other countries, and contribute to efforts in building "an upgraded version of China's economy," said the statement.