Shanghai FTZ Home To 500 Art Trading Companies
by Lorys Charalambous, Lowtax.net, Cyprus
31 August, 2017
The Shanghai Pilot Free Trade Zone has reported that it is now home to more than 500 art and cultural companies.
Total turnover of Zone-registered art and cultural companies hit CNY30bn (USD4.5bn) last year. China now has the third largest art market, behind the US and UK, accounting for 18 percent of the USD45bn in global sales last year.
Among the companies operating in the Zone is technology giant Alibaba Group, which is setting up a bricks and mortar store, as part of a joint venture with the National Museum of China in Beijing to promote Chinese art products to overseas buyers. The joint venture will also include an online trading platform for the 1.4 million items in Alibaba's art collection. The online platform will be in three languages and cover more than 100 countries.
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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