Shanghai FTZ Confirms Launch Of New Port
by Lorys Charalambous, Lowtax.net, Cyprus
21 June, 2017
The Shanghai Pilot Free Trade Zone says a new free trade port area will be established within the zone.
The Zone says the new port will have high standards of supervision and innovative systems for investment, finance, foreign exchange transactions, exit-entry administration, and taxation.
The expansion of the Zone's offering to include a new port comes on the back of continued growth in the Zone, with total business revenue and sales revenue last year exceeding CNY1tn (USD147bn). The Zone now accounts for 27.3 percent of Shanghai's total foreign trade and 33 percent of its total imports. More than 80 percent of key enterprises in the Zone are now profitable.
The Shanghai Pilot Free Trade Zone was founded in 2013 and offers a number of tax preferences. It comprises a bonded area, high-tech park, financial area, and an export processing zone.
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