The China (Shanghai) Pilot Free Trade Zone (FTZ) has made “remarkable progress” since 2013, an official said on Oct 8.

In the first eight months this year, a total of 1,959 foreign funded enterprises opened in the FTZ, accounting for nearly half of the total registered in Shanghai Municipality, Shen Danyang, spokesperson of the Ministry of Commerce, said during a press conference.

Meanwhile, the contract value of companies in the FTZ exceeded $30 billion, the spokesperson said.

This year Chinese firms in the FTZ have signed 596 overseas investment deals, with a total value of $17.2 billion.

China has used the Shanghai FTZ to test a number of new policies including negative list management of foreign investment, preferential trade and financial policies, and opening up more industries to foreign investors.