The first law effective only in Shanghai's Pudong New Area, expected this year, will ensure and encourage innovation in the free trade zone, a top Pudong official said.
 

"Some company heads and entrepreneurs in the FTZ have bold business ideas that might go beyond the existing legal system. They don't dare 憆un the red light'," said Pudong Party secretary Shen Xiaoming during the second session of the 14th Shanghai People's Congress, the city's legislature, which opened on Sunday.
 

Pudong is a product of reforms since 1990, Shen said. "However, the reform 24 years ago relied on privileges that were not granted to other places, and today's relies on innovations, which require courage and wisdom," he said.
 

To give full play to the exemplary role of the FTZ, Shanghai has to speed up its development immediately, as other cities, including Tianjin, Guangzhou and Shenzhen, are applying to establish similar zones and will introduce new innovative measures, some lawmakers said. Moreover, Shanghai must look abroad at other free trade zones when building its own FTZ up to international standards, deputy Nie Ming said.

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