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Economy | Time:Nov 14 2017 8:31AM
Shanghai submits free trade port construction plan
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Shanghai has submitted the plan on building a free trade port to relevant authorities for consultation, the Economic Information Daily learnt from a number of front-line builders and experts involved in the construction of Shanghai pilot free trade zone (FTZ). Compared to the FTZ, the free trade port is expected to make new breakthroughs in the liberalization of the border area. It will cancel or minimize the trade control measures for goods entering the zone. It is expected to require no customs clearance, tax payment and no restriction on carrying trade. In addition, the international financial leasing and other offshore industries will also become major highlights in Shanghai free trade port.

It is reported that as China's first pilot FTZ, Shanghai free trade port is regarded as a major breakthrough for Shanghai FTZ version 3.0.

According to the plan on comprehensively deepening the reform and opening-up of the China (Shanghai) pilot free trade zone released in March, Shanghai will build free trade port in bonded port area in Yangshan, Shanghai Pudong Airport and other special supervision areas.

It is noteworthy that like the FTZ, Shanghai free trade port under construction in Shanghai is not only its own private plots but also a strategy that serves country's opening-process. To combine with the "Belt and Road" initiative and the development of the Yangtze River Economic Belt will also become the new mission of Shanghai's free trade port.

At present, according to the unified deployment of the Central Party Committee and the State Council, the Ministry of Commerce is working together with relevant provinces, municipalities and departments on work building free trade ports on the basis of building high-standard FTZs.

Source: Xinhua Finance

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