China’s State Council has agreed to plans of the liberalization of the Shanghai Free Trade Zone.

This comes as part of the government’s initiative to increase China’s involvement in global trade flows.

The plan approved by the State is for the period to 2020 is aimed at advancement of the transparency and innovation as well as offshore tax arrangements.

The Shanghai Free Trade Zone already offers companies a number of tax preferences. It comprises a bonded area, high-tech park, financial area, and an export processing zone.