China asks Kazakhstan to partake in Shanghai FTZ establishment

"The Chinese side welcomes Kazakhstan to take an active part in the establishment of the Shanghai free trade zone", said the President of China Xi Jinping during the Kazakh- Chinese bilateral talks in Shanghai. He noted that this year China launched a comprehensive program to expand the policy of reforms and openness. "Kazakhstan has begun to implement Kazakhstan-2050 Strategy. Therefore, using these two programs, our countries should mutually cooperate", he stressed. Shanghai free trade zone started operation in September 2013. It is located in the Pudong district of Shanghai. The area is 28 square kilometers. It is advantageous thanks to Pudong International Airport, Yangshan deep water port and Vaygaotszyao customs warehouse territory. Preferential tax treatment has been set for foreign companies. Easy tax terms include tax release for 10 years, simplified registration procedure, etc. Shanghai FTZ is very important for China as it marks a new stage in the development of China's economy.