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Shanghai FTZ Customs Reforms To Slash Clearance Times

by Lorys Charalambous, Lowtax.net, Cyprus
08 August, 2017

The Shanghai Customs Bureau has announced 20 measures to facilitate foreign trade in the Shanghai Pilot Free Trade Zone, which will see import and export clearance times cut by one-third this year.

The measures include continuing to promote a credit tracking system, sharing data with government agencies, expanding supervision reform of bonded and non-bonded goods, and enhancing the Bureau's clearance efficiency.

Customs clearance reforms to date have already boosted Pudong's foreign trade, which hit CNY943.12bn (USD140.35bn) in the first half of 2017, representing year-on-year growth rate of 20 percent and accounting for 60.7 percent of Shanghai's total.

The Shanghai Pilot Free Trade Zone was launched on September 29, 2013, and offers companies a number of tax preferences. It comprises a bonded area, high-tech park, financial area, and an export processing zone.

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