From the launch of the Shanghai pilot free trade zone in 2013 to the end of 2019, China set up a total 19 pilot free trade zones. The pilot free trade zones (FTZs) innovate core systems, from opening up of factors of production to opening up international trade and investment rules. China’s FTZs have come to highlight China's system of continuous innovation and opening up in investment, trade, finance, foreign investment service and management in the new areas.
The Sunshine Research Center for Financial Innovation, THUIFR conducted an analysis of the financial policies of the free trade zone by examining all financial related policy documents from overall plan and from the 19 pilot free trade zones approved by the State Council to determine the FTZs financial policy goals. Our research dividied the financial policies of the pilot free trade zone into three categories: opening to the outside world, institution building, and business development, and 32 sub-categories. From the frequency of financial policies of 32 sub-types in all free trade zones, it can be seen that :(1) a consensus has been reached in all free trade zones to prevent financial risks; (2) there are relatively consistent opinions on the financial opening policy in the free trade zones; (3) financial business innovation is the focus of each free trade zone; (4) the geographical advantages of financial business are highlighted.
