The Shanghai Free Trade Zone (FTZ) was opened in September, 2013. Establishing the FTZ was a crucial decision made in the new era of China's reform and opening-up. The FTZ is located on the outskirts of Shanghai city, covering an area of 28.78 square kilometers. It is set to explore new ways of reducing government interference and opening China's economy more widely to global investors. There were 36 companies first given licenses to operate in the zone. Experts concerned believe that Shanghai Free Trade Zone will surely bring more opportunities to the development of China's economy.