全国首部自贸试验区立法完成修订，上海明确下一步开放新举措

Core Points - The revised "Regulations on the China (Shanghai) Pilot Free Trade Zone" will officially take effect on September 29, 2025, marking the 12th anniversary of the Shanghai Free Trade Zone [1] - The revision aims to provide a solid legal guarantee for the development of a higher-level Shanghai Free Trade Zone, reflecting the need for comprehensive updates due to significant changes in the zone's coverage, management system, and external environment over the past decade [2][3] Summary by Sections Legislative Background - The original regulations, implemented in August 2014, played a crucial role in promoting innovative reforms and served as a model for other free trade zones across the country [2] - The legislative update is seen as a systematic integration of over a decade's worth of reform and innovation measures [2] Key Features of the Revised Regulations - The regulations solidify mature institutional experiences such as foreign investment negative list management, overseas investment filing management, customs facilitation, and the construction of an international trade "single window" [3] - New institutional arrangements are made for emerging trade formats, cross-border trade digitization, and pilot projects for mandatory product certification exemptions [3] Financial and Economic Development - The regulations support the development of technology finance, green finance, and digital finance, tailored to the characteristics of the Shanghai Free Trade Zone [3] - They outline the development direction for key industries such as biomedicine and artificial intelligence [3] Data and Digital Economy - A data security compliance mechanism combining negative lists and operational guidelines will be established to facilitate cross-border data flow [3] - The regulations aim to enhance the digital economy's advantages by promoting data product intellectual property registration and building an international data economic industrial park [6] Business Environment Optimization - The regulations clarify institutional measures in government procurement, intellectual property protection, and ecological environmental protection to improve the business environment [3] - They align with the latest World Bank assessment indicators for the business environment [3] Future Directions - The Shanghai Free Trade Zone will deepen investment openness and trade facilitation, including the implementation of a national and pilot version of the cross-border service trade negative list [4][5] - There will be a focus on developing new trade formats and promoting trade transformation and upgrading [5] - The zone aims to enhance the gathering and radiating capabilities of strategic elements, particularly in the financial sector [5][6] Innovation and Industry Development - The regulations encourage foreign investment in R&D centers and support multinational companies in establishing regional headquarters with R&D functions [7] - They emphasize the importance of integrating innovation across the entire industry chain, particularly in key sectors like integrated circuits and high-end manufacturing [7]