SHANGHAI, Jan. 27 (Xinhua) -- Shanghai plans to further expand its free trade zone (FTZ) this year, an effort to deepen reform and opening-up.

Besides building a new area for the FTZ, authorities will adopt policies and systems in line with the international rules to upgrade the FTZ, according to the city's government work report delivered at the annual session of the municipal people's congress on Sunday.

A science and technology innovation board will be set up with a pilot registration system in the Shanghai Stock Exchange, said the report.

The city will further improve the private investment environment. It will offer 10 billion yuan (1.48 billion U.S. dollars) of credit and secured loans to small and medium private companies.

It will also gradually increase the policy-based financing guarantee fund for medium, small and micro enterprises to 10 billion yuan.