Shanghai is Planning to Amend Regulations of Shanghai Municipality on Promoting Construction of International Trade Center
ISSUING AUTHORITY:
Shanghai Municipal People's Congress
DATE OF ISSUANCE:
November 24, 2023
EFFECTIVE DATE:
November 24, 2023
On November 24, 2023, the Regulations of Shanghai Municipality on Promoting Construction of International Trade Center (Revised Draft) (the “Draft Regulations”) were published on the website of the Shanghai Municipal People's Congress, with a deadline of December 8, 2023 for comments.
The Draft Regulations consist of 9 chapters and 60 provisions and contain the following major issues: optimizing and improving the level and strength of trade in goods; advancing opening-up and innovation of trade in services; cultivating new momentum to development of digital trade; pooling various recourses to promote trade development; adopting measures to facilitate trade; enhancing the capability to prevent and mitigate trade risks. The Draft Regulations aim to better establish Shanghai as an international trade center, promote trade transformation and upgrading and achieve high-quality development. Accordingly, Shanghai governments and authorities at all levels will cooperate and coordinate with each other and diligently perform their respective duties to complete various tasks in connection with establishing Shanghai as an international trade center. It is specified in the Draft Regulations that Shanghai will comply with internationally accepted economic and trade rules, work to both pursue development and safeguard security, and create a fair, non-discriminatory and predictable business environment, and will insist on sustainable trade development, prioritize eco-environmental conservation and green and low-carbon development, strengthen green and low-carbon supply chain management and application, and advance green transformation of trade.
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