China Begin to Build Shanghai Freeport
At present, Shanghai has submitted the proposal of building a free port to the State related ministries and commissions for advice. Shanghai Pudong will work with the relevant departments to construct a monitor platform and other facilities so as to prepare for the official launch according to Economic Information Daily on November 13.
Free port is a port open to all traders where majority goods are exempt from customs duty. It is the world’s highest open level special economic zones.
Hong Kong Freeport
Hong Kong, Singapore, Rotterdam, Dubai are all typical free ports. China's coastline is long and its islands are rich in resources. Exploring and building a free port in Shanghai is of great significance to promoting the innovative development of an open economy.
The construction of a free port will allow goods, funds and personnel to enter and leave Shanghai in the future without any tariffs on goods. This will undoubtedly lead to a higher degree of opening up to the world and will promote the rapid development of transit trade, offshore trade, offshore finance and modern logistics.
Specifically, the construction of a free port will bring great benefits to the field of logistics trade and provide institutional dividends for transit trade enterprises, logistics enterprises, exhibitions and assembly-related enterprises.
It is conservatively estimated that Shanghai Freeport will start construction by 2020.
Sources: Xinde Marine News
Editor: Carrie Zhu
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