Shanghai considers free trade port

Yangshan Port Yangshan Port could help Shanghai develop a free trade port. Image courtesy of Alex Needham/ Wikipedia
Industry Database

Shanghai will consider building a free trade port to facilitate trade and investment, Mayor Ying Yong has said.

Any developments would be dependent on the city’s existing facilities such as Yangshan Port and Pudong International Airport, Mr Yong stated in a report on the work of the municipal government, reported Xinhua.

He also outlined measures the government will take this year to further promote Shanghai's efforts to open up its trade and give foreign companies more opportunities in China's market.

Easier access

According to Xinhua, Mr Yong said Shanghai plans to apply a negative list approach to market entry, which states sectors and businesses that are off limits to foreign investment.

Mr Yong also reportedly said Shanghai will build a world-class "single-window" platform for international trade, which will help companies save costs and time needed for customs clearance.

China will grant more power to pilot free trade zones and explore the opening of free trade ports, according to the 19th National Congress of the Communist Party of China (CPC).

A dozen Chinese municipalities and provinces, including Shanghai, Zhejiang, Tianjin, Guangdong, and Sichuan, are involved in planning free trade ports.

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