Business
12:26, 26-Oct-2017
China draws up plans for Shanghai free trade port
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China is pushing ahead with a plan to create a free trade port to rival established trading centers like Singapore and Dubai.
The Ministry of Commerce is working with the local government to set up the import/export duty-free operation in Shanghai, ministry spokesperson Gao Feng told a news conference on Thursday.
It will be located within two bonded areas at Yangshan Port and Pudong airport.
Together they will constitute the country's first pilot free trade port along with Waigaoqiao free trade zone logistics park, Lujiazui financial area and Jinqiao technological zone,
China aims to establish a transparent, efficient and convenient free trade port of highest standards in the world, comparable to Singapore, Dubai, and major ports in the US, according to the latest economic reform plan released by the State Council in March.
The plan envisages a favorable tax policy for revenue gained overseas by the free trade zone.
"According to the port's preliminary plan, the biggest breakthrough is preferential measures for import and export tariffs so as to meet China's upgraded consumption demand and improve export competitiveness," one source was quoted as saying in the interview with Shanghai News Securities.
Gao added that eastern China's Zhejiang Province has set a goal of building a pilot free trade port focused on bulk commodity trading.
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