CRI听力:Shanghai FTZ to Further Cut Red Tape amid Financial Reforms
The photo taken on April 28, 2015 shows the administration service centre inside the Shanghai Pilot Free Trade Zone is full of people dealing with business registration and other related affairs. [Photo: CFP]
The deputy head of the Shanghai Free Trade Zone says close to 50 new plans are being worked on to try to cut red tape in the FTZ.
Sun Jiwei says the details of their plans are going to be discussed at a forum in the city next week.
It's widely-expected the new plans will include an update to the "Qualified Domestic Institutional Investor" (QDII2) program, which allows Chinese institutions to invest in the overseas markets.
At the same time, customs authorities are also working to streamline clearance procedures for products sold within the Shanghai Free Trade Zone.
The changes will allow importers to fly in a small sample of the products they're shipping in by sea so they can be inspected.
It's expected this change may cut customs clearance times by around 80-percent.
For more on Shanghai FTZ's ongoing reforms, CRI's Paul James earlier spoke with Shen Hong, Wall Street Journal's Shanghai bureau chief.
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