Shanghai FTZ Charts Growth Plans To 2020
by Lorys Charalambous, Lowtax.net, Cyprus
09 November, 2017
The Shanghai Pilot Free Trade Zone recently released its five-year development plan, mapping out its growth over the period 2016 to 2020.
The plan commits the Zone to the "highest degree of openness" in terms of investment, trade facilitation, and finance, and sets out its vision to become a bridgehead in promoting trade innovation, emerging industries, and bilateral investment.
The plan calls on the Zone to establish international standards of investment and management in its free trade port, and to promote policies and management that can be replicated in other parts of the country.
The plan says the Yangshan Port bonded area will focus on developing bulk commodities trade, fresh products cold chain logistics, international shipping services, and the sale of bonded goods.
Meanwhile, Pudong Airport bonded area, as an important Asia-Pacific aviation hub, will develop international passenger transport and international logistics, extend its offering to high-end business and trade, and build itself into a base for airline headquarters and international aviation supporting industries.
During the five-year period, the Zone will support emerging industries and promote itself as a "headquarters economy." So far, 62 international companies have set up headquarters in the Zone, accounting for 40 percent of the Zone's total economy.
In addition, the Zone aims to attract regional headquarters of international logistics companies, and set up a park for cross-border electronic commerce, featuring bonded cross-border online shopping and direct mail to China services.
The plan forecasts growth in commodities sales will be kept at an annual increase of nine percent, with revenue from emerging service industries increasing annually by 20 percent, and the output value of hi-tech industries accounting for 60 percent of the Zone's total industrial output value.
The industrial structure of the Zone will continue to be upgraded, and an international ship registration system will be established by offering a series of preferential policies.
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