The Shanghai Free Trade zone is continuing to unveil new financial reforms. The zone is a step forward in the country's opening up. This has been the common view by many CPPCC members.

One of them is the Vice Chairman of the China National Democratic Construction Association, professor Zhou Hanmin. Zhou's Association is one of China's 8 political parties, besides the ruling CPC.

"You have actively promoted the Shanghai Free Trade Zone, which opened last September. What role does it play in streamlining administration and exploring a new economic model? " Han Bin asked.

"FTZ is not something new; it's a common practice in the world. Free, means with very few even none, administrative controls in that area, to let the hand of market to play by itself. So that one is not merely a showcase of opening in that direction, it's a very substantive and concrete step to let people understand what we are going to do." Zhou Hanmin, Vice Chairman of China Nat'l Democratic Construction Assoc., said.

"How significant is FTZ to China's reform? " Han Bin asked.

"Before that, whatever we see approvals by foreign investors coming to China, they need to get approval by different levels of governmental institutions. Now this time, it take you application for file, then we offer you a list, in total of 190 items of businesses cannot be practised at this moment in that area, meaning 4/5 free in that free trade zone." Zhou Hanmin said, "That negative list has been adopted by 76 nations in the world as a mechanism of government, not to control and manage, but to govern the activities. This is a market of governance to make a very free and smooth practice by the market itself. We have totally changed the mentality and mechanism of governance, from approval to filing system, from a kind of guidance of investment catalogue, to a negative list. Now, Shanghai Free Trade Zone takes the step to see, if there's been certain laws and regulations in existence, but those laws and regulations are not getting along with the major trend of the world, let's change them first, and then to create something new, to make a practice real. So I would say, Shanghai Free Trade Zone is hopeful. The hope is that it goes along with the major trends of the world."

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