Shanghai FTZ Firms Reporting Bullish Growth
by Jason Gorringe, Lowtax.net, London
15 August, 2017
Shanghai Pilot Free Trade Zone enterprises have reported strong growth in profits and turnover, according to recent statistics released by the Zone's administration.
Total turnover of enterprises grew 14 percent in the first half of 2017 against the same period a year earlier, and total profit jumped 32 percent year-on-year. Corporate profitability improved, with 76 percent of large companies reporting profits. Commodity sales increased by 13 percent, and shipping and logistics revenue was up 18 percent during the first half of the year.
The Zone enjoyed foreign trade growth of 18.8 percent, 0.1 percent more than the city's average rate, and one percent ahead of other free trade zones in the country.
The Zone's administration also reported an 18 percent rise in its second quarter gross domestic product. This was eight percentage points higher than the first quarter.
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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