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Large Medium SmallThe plan to establish a free trade zone in Shanghai is undergoing procedures of approval and will "soon be published", Shen Danyang, spokesman for the Ministry of Commerce, told media on Aug 7.
On July 3, the State Council discussed and gave the nod to the plan but asked affiliated departments to make further improvements to facilitate the plan's approval, Shen said.
He added that the free trade zone is a major move in China's active opening-up while following the new trend of global trade development. The zone aims to transform governmental functions and innovate government models in trade and investment. The service sector will be further opened and serve as a pilot for China's drive to advance reforms and improve the open economy.
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