Shanghai FTZ To Pilot More Business-Friendly Reforms
by Lorys Charalambous, Lowtax.net, Cyprus
20 November, 2017
The Shanghai Pilot Free Trade Zone has been chosen by the Mainland as the site to trial 10 new customs and quarantine measures, which were recently unveiled by the Shanghai Entry-Exit Inspection and Quarantine Bureau.
The measures are intended to help the Zone's companies and include a one-stop service for company registration and filing, an intelligent service center in the Zhangjiang cross-border technology and innovation center, a rating system of inspection and quarantine risk classifications, and eco-origin product recognition.
The new measures have been introduced at the direction of President Xi Jinping, who said the country's free trade zones should be given further autonomy to implement reforms. The new measures have been tailored to the needs of companies in the Zone and, once they have proven successful, will be rolled out to China's other free trade zones.
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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