Shanghai Trade Zone Streamlines Customs Clearance
by Lorys Charalambous, Lowtax.net, Cyprus
17 February, 2017
Shanghai's Pilot Free Trade Zone has simplified its customs procedures with the adoption of a single-window foreign trade system.
Companies in the Zone can declare their cargos in advance through an online customs clearance system before they arrive in a domestic port. Likewise, companies in other places can declare their cargos online before shipping them to Shanghai.
The Zone authority said it will formulate a plan before 2020 to promote the single-window foreign trade system, with efforts this year focused on port supervision and law enforcement, cargo inspection by type, self-assisted clearance, and faster approval procedures for export processing, international exhibitions, foreign cruises, and international mail services.
The city will also establish a credit-rating system for exporters and importers, strengthen quality and safety supervision of products, and share data among different government departments.
The Zone is seeking international cooperation to promote the single-window foreign trade system and provide one-stop-shop services for enterprises.
The Shanghai Pilot Free Trade Zone was created in 2013 and offers new companies a number of tax preferences. It comprises a bonded area, high-tech park, financial area, and an export processing zone.
See all of today's news