On August 22, 2013, the State Council of the People's Republic of China officially approved the establishment of the China (Shanghai) Free Trade Zone (the “FTZ”).1 Meanwhile, in order to facilitate the smooth implementation of the reform measures in the FTZ, the Standing Committee of the National People's Congress issued the Decision on Authorizing the State Council to Temporarily Adjust the Administrative Examination and Approval of Relevant Laws in the China (Shanghai) Free Trade Zone (the “Decision”) on August 30, 2013, which officially authorizes the State Council to suspend several examination and approvals items with respect to foreign invested enterprises (the “FIEs”) as provided under the PRC Law on Wholly Foreign-owned Enterprises, the PRC Law on Sino-foreign Equity Joint Ventures and the PRC Law on Sino-foreign Contractual Joint Ventures.
