Shanghai aspires to construct free trade port: mayor
Shanghai will explore the construction of a free trade port in an effort to facilitate trade and investment, Mayor Ying Yong said Tuesday.
Such efforts will rely on the city’s existing facilities such as Yangshan Deep Water Port and Pudong International Airport, Ying told local lawmakers in a report on the work of the municipal government.
A free trade port is set up within a country’s or a region’s borders but outside its customs supervision. It is a highly opened-up area that allows the free flow of most commodities, currencies, and personnel.
China will grant more power to pilot free trade zones and explore the opening of free trade ports, according to the 19th National Congress of the Communist Party of China (CPC).
A dozen Chinese municipalities and provinces, including Shanghai, Zhejiang, Tianjin, Guangdong, and Sichuan, are at the forefront of attempts to construct free trade ports.
In his report on Tuesday, Ying also outlined measures the government will take this year to further promote Shanghai’s opening-up.
Yang said Shanghai plans to apply a negative list approach to market entry, which states sectors and businesses that are off limits to foreign investment. The move is expected to give foreign firms greater opportunities in China’s booming market.
He also said the city will build a world-class “single-window” platform for international trade, which will help companies save costs and time needed for customs clearance.