Recently, the establishment of the China (Shanghai) Free Trade Test Area has been formally approved. The Test Area covers four customs special supervision area: Shanghai Waigaoqiao Free Trade Zone, Waigaoqiao Bonded Logistics Park, the Yangshan Bonded Port and Shanghai Pudong Airport Free Trade Zone. The total area is 28.78 square kilometers.
Following China's accession to the WTO, Shanghai Free Trade Test Area is a higher level of openness, which is far beyond the level of "SAR" or "New Area" to seek the favorable treatment and explore the elements of market liberalization, government deregulation and administrative borders. It will become the new engine of the "China economic upgraded version".
After 30 years of reform and opening up, the establishment of the China (Shanghai) Free Trade Test Area has told us that the unsustainable development model of relying on resource consumption and infinite factor inputs is outdated. China needs a "baptism" urgently to release new growth energy and guide China towards a new era.
Shanghai Free Trade Test Area is just a pilot of the reform which is bound to be spread after the accumulation of experience, just like the coastal open cities. Free trade will reduce transaction costs and time inevitably, and enhance the economic vitality significantly. In terms of increased economic transactions, the demand for legal services will increase definitely and our legal services market will be enlarged accordingly. But are Wuhan lawyers ready? Most of the Wuhan law firms is in the management of a typical loose mode. We should have a real division of lawyers to cultivate the real professional talents and form a team. Hubei Thinksunny Wuhan Law Firm is dedicated to law firm management innovation, service innovation and marketing innovation.