The establishment of the China (Shanghai) Pilot Free Trade Zone marks a major strategy for China to push reforms, innovation and economic development through further opening-up, said senior government officials and experts during the 2014 Boao Forum for Asia.

Long Yongtu, secretary-general of the Boao Forum and former vice-minister of foreign trade and economic cooperation, said on Friday that the Shanghai FTZ will further develop the investment and financial system.

"China is accelerating its system reform through opening-up in the FTZ. The focus is not trading this time but trade facilitation, which requires the Shanghai FTZ to be more innovative in investment and financial systems," he said.