City planners in Shanghai have set aside 28 square km in Shanghai's Pudong District for a free trade zone, including the Waigaoqiao Free Trade Zone, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone.

The area is almost the same size as Macao, and its trade volume already topped $100 billion last year, the highest on the mainland.

A new economic order will be established in the area with its own set of rules for commerce and finance. Authorities believe the tentatively named Shanghai Free Trade Zone will have even more of an impact than other such entities found in Shenzhen, southern Guangdong Province, and Tianjin.

The free trade zone is expected to begin its first phase of operations later this year.