Shanghai's Pudong New Area will accelerate preparations to set up China's first free trade zone as one of its priorities this year.

The area government will work with relevant state and municipal departments to formulate a plan to consolidate the three bonded zones in the Waigaoqiao port, Yangshan Deep-Water Port and Pudong International Airport into China's first free trade zone, district officials said at a conference yesterday. The plan will embrace pilot measures and policies to promote innovation of foreign exchange management, opening up trade in services, and facilitate supervision, the local government said.