(MENAFN) State media reported that China will expand the size of free trade zone (FTZ) in Shanghai to include the city's commercial center and Chinese banks headquarters, Oman Observer reported.
The official Xinhua news agency reported the conclusion of the 12th meeting of the National People's Congress, but it did not provide a specific date for the formal expansion.
As per terms of the plan, the zone will be enlarged to include the Lujiazui financial district, Shanghai's riverside commercial center and home to its tallest skyscrapers.
The expansion will allow firms in those areas to take advantage of existing privileged policies for firms in the free trade zone and it fulfills a government commitment to expand the zone.
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