The State Council approved the establishment of the Shanghai Free Trade Zone on July 3, an endeavor that will catapult the city to the forefront of global financial, trade and logistics centers.

Covering 28.78 square kilometers, the new zone will be built on the basis of existing bonded ones, Waigaoqiao Free Trade Zone, Waigaoqiao Free Trade Logistics Park, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone.

The project, mapped out at the start of this year, is the first of its kind in China. Many view it as a prototype for similar zones in other cities that could help bolster the national economy amid a period of declining growth.