Shanghai FTZ Accelerates Trade Reforms
by Lorys Charalambous, Lowtax.net, Cyprus
29 November, 2017
The Shanghai Pilot Free Trade Zone and the China Council for the Promotion of International Trade have signed a cooperation memorandum to foster the Zone's continued development.
The initiatives outlined in the memorandum include setting up information and service platforms to support investment and trading activity and to assist companies with complying with financial and commercial regulations. The memorandum also provides for the creation of a Shanghai Intellectual Property Center and a Shanghai International Shipping Service Center.
In addition, the China Council has committed to establishing a mediation center in the Zone to carry out speedy arbitration of intellectual property ownership disputes. The Free Trade Zone said the Council will also reform the city's Maritime Average Adjustment Center, which has responsibility for marine insurance claims and settlements, by stipulating the use of international maritime transportation contracts as standard.
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